GOTHENBURG, Sweden--(BUSINESS WIRE)--Regulatory News:
Collector AB (publ.) (STO:COLL). Collector Bank has signed an extensive financing agreement with Rossignol. The transaction includes factoring and inventory financing for the Rossignol Group. The total volume amounts to approximately SEK 1.2 billion. The transaction has been previously announced on 28 October, in connection with that an agreement in principle had been reached.
Rossignol is a producer of sports equipment, primarily for skiing and sportswear. End customers are major sporting goods chains and retailers globally. Rossignol has selected Collector as its full-service supplier for factoring and inventory financing, replacing a consortium of 12 European commercial banks. The transaction involves initially Skis Rossignol – Club Rossignol and Rossignol Apparel.
The Rossignol transaction is a breakthrough for Collector, allowing it to reach new markets in factoring and inventory financing in Europe.
“Implementing a major and complex business with an international operator like Rossignol provides evidence that our product and expertise in export factoring have had an impact. In addition to liquidity and intelligence, we are able to contribute speed, flexibility and a strong support system in this context.” Lena Apler, Founder and Chairman of Collector
“While we will continue to develop/strengthen our relationship with our historical financing partners for specific needs such as Capex, internal & external growth, this agreement will bring us efficiency and simplicity in providing the working capital financing related to our highly seasonal operations. We believe this is an important milestone on our route to success.” Bruno Cercley, CEO of Rossignol
The agreement will be valid for three years, taking effect as of 1 March 2017.
This information is such that Collector AB is obliged to publish in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out above, on 29 November 2016 at 6:00 p.m. CET. Stock exchange: Ticker symbol COLL
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