NORWALK, Conn.--(BUSINESS WIRE)--Jan. 12, 2005--GE Commercial Finance Business Credit announced that it has arranged a $14.9 million credit facility for American Aluminum Extrusion LLC and American Aluminum Extrusions of Ohio LLC.
American Aluminum Extrusion LLC, based in Beloit, Wisc., and American Aluminum Extrusions of Ohio LLC, based in Canton, produce standard and custom aluminum extrusions for the transportation, machinery and equipment, building and construction and other industries (www.americanaluminum.com).
The credit facility, which closed on December 24, is comprised of a $11.8 million revolving loan and a $3.1 million term loan. The company will use the facility to refinance existing debt and for working capital.
"We wanted to work with a lender that can provide us with enhanced financing flexibility and with whom we can grow as our companies seek new opportunities to expand our operations and market reach," said Darius A. Szczekocki, president. "GE Commercial Finance Corporate Lending offered us these key attributes as well as a depth of financing experience and expertise that demonstrates long-term market commitment and a true relationship orientation."
"We know the metals industry well, and are very comfortable with its fundamentals and prospects," said Craig W. Kempton, vice president, GE Commercial Finance Business Credit. "We're very pleased to have the opportunity to support the growth strategies of these two companies, and look forward to a continued relationship."
About GE Commercial Finance Business Credit
GE Commercial Finance Business Credit offers financing of up to $30 million and more, as needed, to manufacturers, distributors, wholesalers, retailers and service providers. Products and services include asset-based lines of credit, letter of credit facilities, acquisition financing, growth capital, bank loan refinancings, term debt and import/export trade services. For more information on the businesses and products of Business Credit, please visit www.gelending.com.
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Stamford, Connecticut. General Electric (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit the company's website at www.ge.com.
Contacts
GE Commercial Finance
Ned Reynolds, 203/229-5717
or
TorranceCo
Jim Marren, 212/786-6133
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340