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GE Capital Provides $85 Million to U-Haul - GE Capital, Corporate Finance today announced it served as sole lender for an $85 million asset-backed term loan to U-Haul, North America's largest do-it-yourself moving and storage operator (NYSE: GE) (NYSE: UHAL)
GE Capital Provides $85 Million to U-Haul

 

NewswireToday - /newswire/ - Norwalk, CT, United States, 2010/03/01 - GE Capital, Corporate Finance today announced it served as sole lender for an $85 million asset-backed term loan to U-Haul, North America's largest do-it-yourself moving and storage operator (NYSE: GE) (NYSE: UHAL). NYSE: GE

   
 
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The loan will be used to refinance an existing securitization facility.

Founded in 1945, Phoenix, AZ-based U-Haul (NYSE: UHAL) rents trucks and trailers, and offers self-storage rooms through a network of nearly 1,450 company-operated moving centers and approximately 14,500 independent U-Haul dealers. The company has the largest consumer rental fleet in the world, with over 101,000 trucks, 76,000 trailers and 34,000 towing devices.

“With the recent uncertainty in the credit markets, we value and are very appreciative of GE’s responsiveness in developing an excellent financing solution which met all of our financing needs,” said Gary Horton, corporate treasurer of U-Haul.

"In today's environment, finding the right lender who understands your business has never been more important," said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. "We strive to work with borrowers to find the right financing solution so clients benefit from smarter liquidity.”

Funding was provided through GE Capital, Corporate Finance's bank affiliate, GE Capital Financial, Inc.

About GE Capital, Corporate Finance
GE Capital, Corporate Finance is one of the largest providers of asset-based, cash flow and structured loans and leases for mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace & Defense, Automotive & Transportation, Chemicals & Plastics, Corporate Aircraft, Financial & Business Services, Food, Beverage & Agribusiness, Government Finance, Manufacturing, Marine, Metals & Mining, Paper, Packaging & Forest Products, Retail, Technology & Electronics. Visit gelending.com/clnews.

About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapitalNews). 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. Visit ge.com/.

Press Contact:
Ned Reynolds, GE Capital, Americas
P: +1 203 229 5717
M: +1 203 837 0699
E: ned.reynolds[.]ge.com.

 
 
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Written by / Agency / Source: General Electric Company

 
 

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GE Capital Provides $85 Million to U-Haul

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GE News Center |
Publisher Contact: Jeff Wilson - GE Capital Corp. Finance 
203-749-6340 Jeffrey.Wilson[.]ge.com
 
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