Volt Information Sciences entered into a long-term accounts receivable securitization program with DZ Bank and Finacity and simultaneously exited its financing relationship with PNC Bank.
Finacity originated the transaction, provided analytic and structuring support, and served as the ongoing transaction administrator. DZ co-structured and served as the ongoing agent for the transaction, which was funded via Autobahn Funding.
Under the terms of the new agreement, DZ will provide a two-year, $115 million facility which permits borrowings until January 25, 2020. Volt expects to save approximately $1.5 million over the term of the program, driven by reduced borrowing costs as compared to its previous agreement.
Michael Dean, Volt president and CEO, said, “We are pleased to have closed this financing transaction with DZ Bank. Overall, the new financing program greatly enhances our financial flexibility and debt maturity profile, while providing the company with additional resources to execute our business strategy.”
Volt Information Sciences is a staffing services provider for multiple industries, including aerospace, automotive, banking and finance, information technology, insurance, life sciences, manufacturing, media and entertainment, telecommunications and transportation.
