GE Capital Leads $316 Million Financing for SunGard Data Systems Inc.
NORWALK, Conn. - GE Capital today announced it led a $316 million accounts receivable securitization facility for SunGard Data Systems Inc., one of the world’s leading software and information technology services companies. The loan will be used for working capital needs. GE Capital Markets was sole lead arranger on the transaction.
The financing is structured as an asset-based loan secured by certain trade accounts receivables. The facility may be increased to $500 million, subject to certain conditions.
“We appreciate GE’s ability to provide a financing solution to meet our needs,” said Michael Ruane, CFO of SunGard.
“GE strives to help customers reach their business objectives with capital solutions customized to fit the market environment,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “For many borrowers, the combination of accounts receivable securitization and asset-based finance can be a smart supplement to their financing structure.”
With annual revenue exceeding $5 billion, SunGard serves more than 25,000 customers in over 70 countries, including the world’s 25 largest financial services companies. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.
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 www.ge.com.
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