GE Capital Provides $175 Million to Georgia Gulf Corporation
NORWALK, CT - GE Capital’s corporate lending business today announced it provided a $175 million accounts receivable securitization facility to Georgia Gulf Corporation, a leading chemicals company. The proceeds will be used for working capital needs.
In this type of structure, GE provides an asset-based loan secured by the company’s accounts receivables.
Georgia Gulf Corporation is a leading, integrated North American manufacturer of two chemical lines, chlorovinyls and aromatics, and manufactures vinyl-based building and home improvement products. These products, marketed under Royal Group brands, include window and door profiles, mouldings, siding, pipe and pipe fittings, and deck, fence and rail products. Georgia Gulf, headquartered in Atlanta, GA, has manufacturing facilities located throughout North America.
“GE worked closely with us to quickly understand our business objectives and structured a facility to meet our needs,” said Greg Thompson, CFO of Georgia Gulf Corporation. “We appreciated their ability to commit to the entire facility amount and close quickly.”
“In this environment, timely access to capital is a critical factor for many of our customers,” said Tom Quindlen, president and CEO of GE Capital’s corporate lending business. “Using a securitization facility in many cases can provide borrowers with a cost-effective approach and structuring flexibility to help them meet their financing objectives.”
About GE Capital’s corporate lending business
GE Capital’s corporate lending business specializes in providing asset-based, cash flow and structured loans and leases to mid-size and large U.S. companies to support working capital, growth and turnarounds in key sectors. Industries include Automotive & Transportation, Chemicals & Plastics, Corporate Aircraft, Food & Beverage, Forest Products, Metals & Mining, Marine, Technology & Electronics and Retail. For more information visit www.gelending.com/clnews.
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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