NewswireToday - /newswire/ -
Norwalk, CT, United States, 2014/01/06 - GE Capital, Corporate Finance announced it is serving as administrative agent on $340 million in revolving credit facilities for subsidiaries of Wise Metals Group, LLC [NYSE: GE] - GECapital.com. NYSE: GE
The facilities will be used to fund the company’s growth and ongoing working capital needs. GE Capital Markets served as sole lead arranger and joint bookrunner on the facilities.
Wise Metals Group is headquartered in Muscle Shoals, AL. Its principal divisions include Wise Alloys, the nation’s third-largest producer of aluminum can stock for the beverage industry, and Wise Recycling, one of the largest direct-from-the-public collectors of aluminum beverage containers in the U.S. In addition, Wise provides maintenance, fabrication and repair to manufacturing and industrial plants worldwide, and sells and repairs industrial electric motors.
“GE Capital demonstrated patience and a willingness to understand our strategy and vision, then tailored a solution that provided more than just capital,” said Monte Schaefer, executive vice president and chief financial officer of Wise. “Wise values having a lender that knows the metals industry and downstream markets we serve and delivers support and services that enable us to grow and expand our business.”
“It’s an honor to be chosen to lead these facilities for Wise,” said Paul Feehan, senior managing director, metals and mining at GE Capital, Corporate Finance. “We focus on providing creative capital solutions to companies in the metals industry to help them grow.”
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; energy; food and beverage; 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.
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services. GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance.
Contact: Ned Reynolds, GE Capital, Americas
P: +1 203 229 5717 / M: +1 203 837 0699 - E: ned.reynolds[.]ge.com.