Rosenthal & Rosenthal Closes International Factoring Deals Totaling $3.25MM
Rosenthal & Rosenthal completed a pair of factoring transactions, including a $1.75 million domestic and international non-recourse factoring deal for a leading manufacturer of antimicrobial products and a $1.5 million non-recourse factoring deal for a wholesale premium seafood distributor.
A New England-based global manufacturer of antimicrobial technologies for the textile, medical and industrial sectors was in need of a new financing solution that would accommodate both its domestic and international sales, after the company experienced COVID-related losses that led to the termination of its existing banking facility. Recourse factoring was an attractive solution for the company as it already held its own trade credit insurance policy. Rosenthal stepped in to provide a collateralized accounts receivable solution in the form of a $1.75 million recourse factoring facility.
A wholesale provider of premium quality frozen seafood serving Asia-Pacific-based buyers was also looking for an alternative financing solution. Rosenthal provided a $1.5 million non-recourse factoring facility to support the company’s growing sales opportunities. As part of the transaction, the company would receive payment at the time of invoicing and shipping of goods, while the importer would benefit from open account payment terms that allowed for payment at a later date.
“Sellers now facing a host of new challenges in the current economic environment require creative and flexible financing options to support their businesses and mitigate risk,” Peter Clement, SVP of international factoring at Rosenthal, said. “Rosenthal’s export factoring program – both non-recourse and recourse factoring – allows sellers to get paid at shipment on their international sales so they have the liquidity they need to operate their businesses and continue to seek out new sales opportunities.”
Editor’s Note: The original version of this article incorrectly stated the combined total of the two deals. ABF Journal apologizes for the error.