Natuzzi Renews Its Securitization Facility
July 24 2020 - 7:15AM
Business Wire
Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi” or the “Company”) announced
today that on July 23, 2020 the Company renewed its
accounts-receivables securitization facility (the “Securitization
Facility”) with an affiliate of Intesa Sanpaolo S.p.A. (the
“Assignee”) for an additional 5-year period.
Originally entered into in July 2015, the Securitization
Facility, as renewed, allows the Company to assign trade
receivables to the Assignee for a maximum amount of €40.0 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 the Company with an important and
stable source of liquidity. Notably, under the Securitization
Facility, as renewed, the Company 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. said Vittorio Notarpietro, CFO of
the Natuzzi Group. “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.”
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
Certain statements included in this press release constitute
forward-looking statements within the meaning of the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements involve risks and uncertainties that could cause the
Company’s actual results to differ materially from those stated or
implied by such forward-looking statements. Additional information
about potential factors that could affect the Company’s business
and financial results is included in the Company’s filings with the
U.S. Securities and Exchange Commission, including the Company’s
most recent Annual Report on Form 20-F. The Company undertakes no
obligation to update any of the forward-looking statements after
the date of this press release.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy’s
largest furniture house and one of the most important global
players in the furniture industry with an extensive manufacturing
footprint and a global retail network. Natuzzi is the European
lifestyle best-known brand in the upholstered furnishings sector
worldwide (Brand Awareness Monitoring Report - Ipsos 2018) and has
been listed on the New York Stock Exchange since May 13, 1993.
Always committed to social responsibility and environmental
sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified
(Quality and Environment), OHSAS 18001 certified (Safety on the
Workplace) and FSC® certified (Forest Stewardship Council).
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version on businesswire.com: https://www.businesswire.com/news/home/20200724005202/en/
Natuzzi Investor Relations Piero Direnzo | tel.
+39.080.8820.812 | pdirenzo@natuzzi.com
Natuzzi Corporate Communication Vito Basile (Press
Office) | tel. +39.080.8820.676 | vbasile@natuzzi.com
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