Natuzzi renewed its accounts-receivables securitization facility with an affiliate of Intesa Sanpaolo for an additional five-year period.
Originally entered into in July 2015, the securitization facility, as renewed, allows Natuzzi to assign trade receivables to the assignee for a maximum amount of €40 million ($46.99 million), on a revolving basis and maintaining only a limited risk in the assigned trade receivables, in exchange for short-term credit, thereby continuing to provide Natuzzi with a source of liquidity. Notably, under the securitization facility, as renewed, Natuzzi is entitled to assign a wider range of trade receivables, thus adding flexibility to the company’s funding capacity.
“We are pleased for this continuing and fruitful collaboration with our main financial partner,” Vittorio Notarpietro, CFO of the Natuzzi Group, said. “The renewal of the securitization program under more attractive terms reflects both the high quality of our customers’ portfolio and the company’s ability to effectively access the capital markets. As we continue to implement our retail-based strategy and restructure our operations, it is extremely important to rely on a multi-year and efficient funding scheme, especially in times of uncertainty such as the current one.”
Founded in 1959 by Pasquale Natuzzi, Natuzzi is an Italian furniture retailer and manufacturer.