By Chris Wack
Natuzzi SpA said Friday it has renewed its accounts-receivables securitization facility with an affiliate of Intesa Sanpaolo SpA for an additional 5-year period.
The company said it originally entered into the securitization facility in July 2015, and the new facility allows it to assign trade receivables to Intesa Sanpaolo for a maximum amount of 40 million euros ($46.4 million) on a revolving basis and maintaining only a limited risk in the assigned trade receivable, in exchange for short-term credit.
Natuzzi said the facility continues to provide it with an important and stable source of liquidity. Notably, the company is entitled to assign a wider range of trade receivables, thus adding flexibility to its funding capacity.
Natuzzi Group shares were up 90%, to $2.20, in premarket trading.
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