Hanjin ships in its trade receivables

Hanjin Shipping securitizes its trade receivables, getting cheap finance, off-balance sheet.

Hanjin Shipping has closed a $150 million securitization of its trade receivables in a deal structured to take some weight off its balance sheet. The transaction was arranged by ABN AMRO, who approached Hanjin five months ago with the idea for a trade receivables securitization deal.

The deal is highly structured to take into account the varied nature of Hanjin's receivables. These receivables come from global importers of Korean goods and they are situated all over the world. As such different rules govern their assignment and each of them has a different tenor.

Under the terms of the deal, Hanjin will daily sell all the receivables it...

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