STR Holdings: Spanish Accounts Receivable Factoring Agreement
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ENFIELD - STR Holdings, Inc. (the "Company") (OTCQX:STRI) announced that the Company's wholly owned Spanish subsidiary, Specialized Technology Resources España S.A., entered into a factoring agreement to sell, with recourse, certain European, U.S., and other foreign company-based receivables to Eurofactor Hispania S.A.U. Under the current terms of the factoring agreement, the maximum amount of outstanding advances at any one time is Euro 1.0 million, which is subject to adjustment based on the level of eligible receivables, restrictions on concentrations of receivables and the historical performance of the receivables sold. The annual discount rate is 2% plus EURIBOR for Euro denominated receivables, and 2% plus LIBOR for all other currencies. The term of the agreement is for one year, which will be automatically extended unless terminated by either party with 90 days prior written notice.
"We are very pleased to secure a factoring facility to accelerate our Spanish operation's cash conversion cycle and improve STR's global liquidity," stated Joseph C. Radziewicz, STR's Vice President and Chief Financial Officer.
About STR Holdings, Inc.
STR Holdings, Inc. is a provider of encapsulants to the photovoltaic module industry. Further information about STR Holdings, Inc. can be obtained via the Company's website at www.strsolar.com