Finacity, a member of the Greensill family of companies, closed a trade receivables securitization program for Startek. The securitization program finances receivables originated by Startek’s entities in the United States.
The securitization facility is funded by a U.S. bank and its proceeds were used to refinance an existing asset-based loan facility. The securitization program achieved accounting derecognition per U.S. GAAP.
Finacity provided analytic and structuring support and will serve as the ongoing transaction administrator.
Startek is a provider of technology-enabled business process outsourcing solutions.
Finacity specializes in the structuring and provision of capital markets receivables funding programs, supplier and payables finance, back-up servicing, and program administration.