Shares of furniture company Natuzzi S.p.A. (NTZ) are surging more than 100% Friday morning after the company said it has renewed its accounts-receivables securitization facility with an affiliate of Intesa Sanpaolo S.p.A. for an additional 5-year period.
The stock hit a new high of $2.48 this morning.
The securitization facility, which was originally entered into in July 2015, as renewed, allows Natuzzi to assign trade receivables to Intesa for a maximum amount of 40.0 million euros, on a revolving basis and maintaining only limited risk in the assigned trade receivables, in exchange for short-term credit, thereby continuing to provide the Company with an important and stable source of liquidity.
Natuzzi is entitled to assign a wider range of trade receivables, thus adding flexibility to the Company's funding capacity.
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