STAMFORD, Conn.--(BUSINESS WIRE)--April 19, 2006--Pursuing growth in oilfield services and in Canada, GE Energy Financial Services announced today the closing of an expanded syndicated loan facility it structured for Trinidad Drilling Ltd., a leading Canada-based drilling rig company.
The facility for Calgary-based Trinidad, a wholly-owned subsidiary of Trinidad Energy Services Income Trust, was syndicated by GE Capital Markets, Inc. The syndicate group includes major Canadian, U.S. and international financial institutions.
The facility represents a combined debt capacity of CDN $494 million, increasing the principal available from a $250 million facility arranged last year. The facility is comprised of a CDN $250 million revolver, a CDN $100 million five-year term facility, and, a US $125 million five-year term facility for Trinidad USA LLLP, a U.S. subsidiary of Trinidad.
"The facility that GE Energy Financial Services structured will lower the trust's borrowing cost," said Brent Conway, Trinidad's Chief Financial Officer. "It provides more flexibility to manage the trust's capital structure given the expansion of our U.S. operations. In addition, it will allow Trinidad to continue drilling rig construction and pursue acquisitions."
"This transaction is a milestone in our growth in debt arranging, drilling rig finance and investment services in Canada," said Tony Shizari, Managing Director and leader of GE Energy Financial Services' debt finance group.
GE Energy Financial Services recently expanded its debt finance group to integrate its expertise as a debt investor and arranger in large energy projects with its mid-market commercial energy lending in the United States, Canada and Europe. With more than 70 dedicated professionals, the unit provides a full complement of debt products and services for the energy industry, including structured, project and acquisition debt, equipment leases and loans, revolving credit facilities, fleet financing and corporate loans. Its GE Capital Markets affiliate provides arranging and syndication for many of these facilities.
Energy Financial Services' debt business grew to more than $1.5 billion in annual investments from 2002 through 2005. It plans to double its originations during 2006.
About GE Energy Financial Services
GE Energy Financial Services, based in Stamford, Connecticut, invested $3 billion during 2005 in the world's most capital-intensive industry, energy. With more than $11 billion in assets, GE Energy Financial Services' 300 professionals offer structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket. For more information, visit www.geenergyfinancialservices.com.
About GE
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. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
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Ken Koprowski, 203-961-5743
Britta Kons
GE Healthcare Global Services
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