GE Capital, Corporate Retail Finance Provides $1.6 billion in Financing Through Q3 2009

November 3, 2009 8:00 AM EST

NORWALK, Conn.--(BUSINESS WIRE)-- GE Capital, Corporate Retail Finance ended Q3 as one of the most active providers of financing to retailers in the U.S. and Canada, deploying approximately $1.6 billion throughout the first nine months of the year.

"Retailers have had to reduce inventory, decrease operating costs and shore-up liquidity in this tough economy," said Jim Hogan, managing director of GE Capital, Corporate Retail Finance. "With consumers saving more, spending less and seeking values--competition for retail market share will be intense this Holiday season."

Throughout 2009, GE Capital, Corporate Retail Finance has met the financing needs of retailers including:

    --  BCBG Max Azria Group - Acted as co-collateral agent for a $400 million
        asset-based credit facility for this leading designer, retailer and
        distributor of women's apparel and accessories. The loan is being used
        for working capital needs.
    --  Brick Warehouse - Provided a C$130 million asset-based credit facility
        to The Brick Group Income Fund for Brick Warehouse, one of Canada's
        largest retailers of furniture, appliances and home electronics. The
        loan was used for recapitalization purposes. GE Capital Markets and GE
        Capital Markets (Canada) Ltd. acted as sole lead arranger.
    --  Quiksilver (NYSE: ZQK) - Acted as collateral agent on a $200 million
        asset-based credit facility for this leading retail apparel and footwear
        manufacturer. The loan is being used for working capital needs. GE
        Capital Markets served as co-lead arranger.
    --  Rite Aid Corporation (NYSE: RAD) - Joint-led a $1 billion asset-based
        revolving line of credit for this leading national drugstore retailer.
        The loan is being used for working capital purposes. GE Capital Markets
        served as joint lead arranger.
    --  Sears Holding Corp.- Co-led a $4 billion asset-based credit facility for
        this leading retailer operating more than 3,800 stores throughout the
        U.S. and Canada. The loan is being used for working capital needs. GE
        Capital Markets served as joint lead arranger.

"By understanding the collateral and cyclical nature of retailing, we can often provide borrowers with optimal levels of flexibility and liquidity," said Hogan. "The combination of access to critical capital, retail expertise and solid underwriting means smarter capital for clients."

About GE Capital, Corporate Retail Finance

GE Capital, Corporate Retail Finance is a leading provider of senior secured loans to retailers, primarily in the U.S., to support working capital, growth, acquisitions and more. Visit gelending.com/clnews.

About GE Capital

GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at ge.com.

    Source: GE Capital, Corporate Retail Finance

Related Categories

Press Releases

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?