NORWALK, Conn.--08 October 2008-- GE Commercial Finance Corporate Lending today announced it provided a $120 million asset-based credit facility to Columbia Forest Products, North America's largest manufacturer of hardwood plywood and hardwood veneer products. The loan will be used to refinance existing debt and for ongoing working capital needs.
Founded in 1957 in Portland Oregon, Columbia Forest Products is employee-owned with manufacturing facilities throughout the U.S. and Canada. Columbia's decorative interior veneers and panels are used in high-end cabinetry, fine furniture, architectural millwork and commercial fixtures.
"Due to their industry and finance expertise, GE understood our business and had a true sense for the value of our assets," said Ron Jorde, CFO of Columbia. "In addition, they provided us with the entire credit facility which allowed us to greatly simplify our bank group and gave us confidence that the deal would get done."
"In a challenging sector such as wood products, niche players who serve a variety of sub-sectors with superior products and customer service can differentiate themselves and maintain profitability," said Will Sonnenfeld, timber and wood products industry leader for GE Corporate Lending. "Knowledge of the environment in which our clients operate allows us to understand their business objectives, recognize their value to the market and structure financing to help them succeed."
Industry Specialization
To better meet the unique financing needs of businesses, GE Corporate Lending has a team of Industry Leaders supported by research analysts. These industry experts help build smarter financing solutions for companies across key industries: Aerospace & Defense; Automotive; Chemicals & Plastics; Construction; Food, Beverage & Agribusiness; Financial & Business Services; Forest Products; Metals and Mining; Restructuring; Retail; Technology & Electronics; and Transportation.
About GE Corporate Lending
With $16 billion in assets, GE Commercial Finance Corporate Lending is one of North America's largest providers of asset-based, cash flow, structured finance and other financial solutions for mid-size and large companies. From over 30 offices throughout the U.S. and Canada, GE Corporate Lending specializes in serving the unique needs of borrowers seeking $20 million to $2 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit www.gelending.com/clnews to learn more.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $300 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work. For more information, visit the company's Web site at http://www.ge.com.
Ned Reynolds
GE Capital
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+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340