TORONTO--(BUSINESS WIRE)--April 14, 2005--GE Commercial Finance Corporate Lending today announced it has provided a $65 million CAD senior secured revolving credit facility to leading Canadian pharmaceutical distributor Rep-Pharm. The financing, which closed on Feb. 18, replaces an existing facility previously arranged by GE Commercial Finance. GE Commercial Finance is the sole lead agent for the facility and will hold the entire amount.
With headquarters and distribution centers in Quebec and Ontario, Rep-Pharm is one of Canada's largest distributors of prescription pharmaceuticals, narcotics, and seasonal OTC products. The company's network of regional distribution centers enables it to reach customers in all markets with a minimum of delay.
Rep-Pharm plans to use the financing to expand its business into the Western Canada region.
"Since the commencement of our relationship in 1996, GE Commercial Finance has assisted us through every step of our development," said Monty Kobrin, CEO, Rep-Pharm. "GE's willingness and ability to hold the entire amount of this facility is further testament to both its strength as a lender and its loyalty to long-term customers."
"We are happy to restructure our financing arrangement with Rep-Pharm in support of the company's continued expansion throughout Canada," said Jack Morrone, Vice President, GE Commercial Finance Corporate Lending. "This transaction well illustrates our strong relationship orientation as a financing provider. Our goal is to grow with our customers, offering the most flexible financing solutions possible so that we can consistently accommodate their evolving needs."
About GE Commercial Finance Corporate Lending
GE Commercial Finance Corporate Lending offers financing to clients from middle-market companies to large corporations. Products and services include asset-based financing, cash flow lending and corporate restructuring. Corporate Lending is a leading global provider of financing solutions for investment and non-investment grade companies - committed to supporting clients at all stages of the business cycle. For more information on the businesses and products of GE Commercial Finance Corporate Lending, 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