NewswireToday - /newswire/ -
Norwalk, CT, United States, 2010/09/23 - GE Capital, Corporate Finance today announced it is administrative agent for a $53 million cash flow credit facility to Portola Packaging, Inc., a leading designer, manufacturer and marketer of tamper-evident plastic closures (NYSE: GE). NYSE: GE
The loan supports the company’s recapitalization. GE Capital Markets served as lead arranger.
Headquartered in Naperville, IL, Portola Packaging designs, manufactures and markets a full line of tamper-evident plastic closures and bottles for the beverage and food industries, as well as plastic closures and containers for the cosmetics industry. Portola is a portfolio company of Wayzata Investment Partners.
“GE’s ability to make a significant financial commitment to Portola helped us to make a considerable improvement in our capital structure,” said Glenn Fish, senior vice president and chief financial officer of Portola Packaging. “This new facility will provide us with greater flexibility and liquidity to execute our business plans and continue to improve our operational performance.”
“Meeting the capital needs of mid-sized companies is our specialty,” said Tom Quindlen, president and chief executive officer of GE Capital, Corporate Finance. “Whether supporting growth or turnarounds, we are providing businesses with the critical liquidity to execute their objectives.”
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; 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. Visit gelending.com/clnews.
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 (@GECapital). GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. GE operates in more than 100 countries and employs about 300,000 people worldwide.
Jeff Wilson, GE Capital, Corporate Finance
P: +1 203 749 6340 / E: Jeffrey.Wilson[.]ge.com.