NewswireToday - /newswire/ -
Norwalk, CT, United States, 2012/01/24 - GE Capital, Corporate Finance today announced it is administrative agent on a $610 million asset-based credit facility for EVRAZ North America, a leading steel manufacturer (NYSE: GE) - GECapital.com. NYSE: GE
The loan will be used for working capital and general corporate purposes. GE Capital Markets served as joint lead arranger and joint bookrunner.
Headquartered in Chicago, IL, EVRAZ North America operates eight facilities across the U.S. and Canada. EVRAZ North America annually produces approximately 5 million tons of flat, long and tubular steel products for major markets including infrastructure, defense, energy and rail. EVRAZ North America is a wholly owned subsidiary of EVRAZ Plc, one of the largest vertically integrated steel and mining businesses in the world.
“GE Capital’s deep understanding of the steel business has been invaluable,” said Mike Rehwinkel, CEO of EVRAZ North America. “This credit facility meets our unique needs and provides liquidity and funding for our U.S. and Canadian operations.”
“We have worked closely with EVRAZ for many years,” said Tom Quindlen, president and CEO, GE Capital, Corporate Finance. “Providing steel companies with working and growth capital to help build their business is one of our specialties.”
About GE Capital, Corporate Finance
GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; financial and business services; food, beverage and agribusiness; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE’s best practices to help build their business. Visit gelending.com/clnews.
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Jeff Wilson - GE Capital, Corporate Finance
P: +1 203 749 6340 / E: Jeffrey.Wilson[.]ge.com.