GE Capital Provides $75 Million Exit Financing Facility to Motor Coach Industries Inc.
NORWALK, CT — GE Antares, GE Capital’s private equity financing business, today announced it provided a $75 million asset-based loan facility to Motor Coach Industries (MCI) as part of the company’s recapitalization enabling the company to emerge from Chapter 11.
MCI manufactures intercity coaches for the tour, charter, line-haul, scheduled service, and commuter transit sectors in the U.S. and Canada. The company also operates eight service centers in the U.S. and Canada and supplies aftermarket parts for most makes and models.
“We appreciate the benefits of having a long-term relationship with GE Capital,” said Mike McIlwain, CFO, MCI. “This relationship was helpful in enabling us to put all the necessary financing pieces together for a comprehensive solution under some very challenging conditions.”
“We are pleased to be able to support MCI as it moves ahead to its next stage of development,” said Tony McCord, a Managing Director with GE Antares.
About GE Antares
GE Antares is GE Capital’s sponsor finance business. With $14 billion in assets, and offices in Atlanta, Chicago, London, Los Angeles, New York, and San Francisco, GE Antares is a leading lender to private equity-backed companies, offering a “one-stop” source for GE’s lending and other services. For more information, visit www.geantares.com. 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 www.ge.com.
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