London, July 25, 2018 – Stenn International Ltd. (“Stenn”), a provider of trade financing solutions across global markets, today announced the closing of a senior financing facility with Natixis S.A. (“Natixis”). With a targeted size of up to $500 million, the facility will provide additional capacity for Stenn to deliver working capital solutions to suppliers and buyers engaged in international trade.
The Natixis facility, which is supported by trade finance insurance from global insurer AIG, augments the $300 million platform launched by Stenn and Crayhill Capital Management LP (“Crayhill”) in 2016. Crayhill, a credit-focused alternative asset management firm, played an active role in securing the Natixis facility and continues to serve as a capital partner and advisor to Stenn.
The new senior financing allows Stenn to further expand its funding solutions to additional customers and geographic markets currently underserved by traditional bank financing. Stenn has seen a rising demand for flexible short-term financing from both suppliers and buyers who are engaged in international trade.
Stenn’s programs provide cash-flow benefits to both parties in a cross-border trade transaction. Suppliers are paid immediately when goods are shipped, while buyers are able to pay at a later date. Stenn finances companies of all sizes across a wide range of industry sectors. Current clients include global leaders in retail, wholesale, manufacturing and industrial technology.
“In light of the increasing globalisation of supply chains, Basel III restrictions on trade finance, and global shifts in tariff regulations, banks are being compelled to limit their participation in some trade finance segments, such as trade between emerging and developed economies,” said Greg Karpovsky and Andrey Polevoy, Stenn’s Co-Founders. “This creates a gap in the market where Stenn, with the support of Crayhill, Natixis and AIG, is well-positioned to become a global leader.”
“Stenn provides working capital to all types of companies around the world, from large corporates to mid-size and smaller companies that don’t have adequate access to cross-border trade finance,” said Kerstin C. Braun, President of Stenn. “With this new facility in place, we are more prepared than ever to fill these funding gaps.”
“This senior facility allows Stenn to continue its global leadership in the underserved market for international trade finance,” said Josh Eaton, Managing Partner of Crayhill. “With its experienced team, end-to-end systems, risk management controls, and this expanding capital program, Stenn is well-positioned to capture market share and become the first choice for financing among suppliers of consumer and industrial goods.”
Emmanuel Issanchou, Global Head of Structured Credit & Solutions at Natixis added: “We were delighted to work with Stenn, Crayhill and AIG on this transaction, which is consistent with our strategy of financing the growing disintermediation of the economy. This unique multi-jurisdiction securitization of cross-border trade receivables is designed to support Stenn’s growth by meeting its specific business needs. We hope that it will mark the start of a flourishing partnership between Natixis and Stenn.”
“We are pleased to provide a specialist trade finance insurance solution to support the Natixis senior facility with Basel III credit risk mitigation for Natixis as funder, and an efficient first loss structure with comprehensive eligibility criteria for Stenn, allowing it to expand its funding for short-term trade,” said Oliver Lambert, Director AIG Trade Finance Ltd.
To serve the global market, Stenn has added senior leadership with experience in trade finance, credit and business expansion, invested in technology that allows it to quickly and effectively manage transactions while controlling risk, and established a presence in major economies around the globe to better serve buyers and sellers.
Stenn International Ltd. is a UK-based, non-bank trade finance provider specialized in cross-border trade. Stenn’s trade finance solutions are comprehensive and can be combined to cover the entire supply chain from purchase order to delivery of goods. Innovative practices allow Stenn to finance in sectors and geographic regions currently unserved in global trade. The company operates globally with offices in Los Angeles, Dallas, New York, London, Hamburg, Stuttgart, Singapore, Hong Kong, Shanghai, Guangzhou and Chongqing. Learn more at www.stenn.com.
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Crayhill Capital Management LP is a New York-based alternative asset management firm that specializes in asset-based, private credit opportunities. The firm was launched in August 2015 and is registered with the U.S. SEC as an investment adviser. Crayhill strives to deliver capital solutions through tailored financing structures, focusing on markets in North America, Latin America and Europe. Its asset-based investment strategies draw on deep sector expertise and relationships throughout the structured finance and specialty finance markets. Crayhill’s investment process focuses on fundamental analysis of collateral combined with active structuring, with an emphasis on asset coverage and capital preservation. For more information please visit www.crayhill.com or email firstname.lastname@example.org.
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Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 31 million clients spread over two retail banking networks, Banque Populaire and Caisse d’Epargne.
With more than 21,000 employees, Natixis has a number of areas of expertise that are organized into four main business lines: Asset & Wealth Management, Corporate & Investment Banking, Insurance and Specialized Financial Services.
A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE’s banking networks.
Listed on the Paris stock exchange, it has a solid financial base with a CET1 capital under Basel 3(1) of €11.7 billion, a Basel 3 CET1 Ratio(1) of 10.7 % and quality long-term ratings (Standard & Poor’s: A / Moody’s: A1 / Fitch Ratings: A).
(1)Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise – without phase-in .
Figures as at March 31, 2018
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