STAMFORD, Conn., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Finacity Corporation (“Finacity”), a White Oak Company, today announced that it has facilitated an increase from $40 million to $45 million for the commitment capacity of the Accounts Receivable Securitization Program of Hyperion Materials & Technologies Inc. (“Hyperion”), headquartered in Worthington, Ohio. Finacity has also completed an amendment to the program which added three additional US entities and one additional European entity to the program. The program includes substantially all of Hyperion’s US sales and a portion of Hyperion’s European sales.
Andrew Serhal, Hyperion’s VP, Tax and Treasury, stated: “Our AR program has served well as a low-cost mechanism to fund short term operational needs, and the amendments made have significantly improved overall efficiency of the program. We’re very happy with the outcome and look forward to a strong continued partnership with Finacity.”
About Hyperion Materials and Technologies Inc.
Hyperion Materials & Technologies (“HMT”) is a global leader in advanced materials with decades of experience developing and manufacturing tungsten carbide powders, cemented carbide, industrial diamond, and cubic boron nitride products. HMT was formed in 2014 by Sandvik Hard Materials and Sandvik Diamond Innovations, but in 2017, Sandvik announced its disinvestment to KKR & Co. Inc. which closed in July 2018. HMT has a global footprint with 16 production sites and eight sales offices on four continents.
HMT also operates a materials analysis laboratory in Worthington, Ohio that offers material characterization and analysis in diamond and polycrystalline diamond (PCD), cubic boron nitride (CBN) and polycrystalline (PCBN) and related materials. It offers carbide recycling programs in which the Company purchases used cemented carbide, solid carbide, wolfram carbide tools and cutters to convert raw materials for future products. The Company serves the aerospace, automotive, chemical, electronics, food and beverage, general manufacturing, hygiene, medical, mining, oil and gas, steel production and toolmaking industries.
For further information please visit: www.hyperionmt.com.
About Finacity, a White Oak Company
Finacity, a White Oak Company, specializes in the structuring and provision of efficient capital markets receivables funding programs, back-up servicing, and program administration. Finacity currently facilitates the financing and administration of an annual receivables volume in excess of US $200 billion. With resources in the USA, Europe, Asia, and Latin America, Finacity conducts business throughout the world with obligors in 210 countries and territories. Finacity is affiliated with White Oak Global Advisors, LLC, a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. For further information, please visit www.finacity.com.
For more information on this transaction, please contact:
Finacity Corporation
Jason Kim
Tel: +1 203-428-3520
Email: Jkim@wofinacity.com
