CHICAGO--(BUSINESS WIRE)--June 27, 2006--GE Antares Capital today announced it is the Administrative Agent for a $63.5-million credit facility to support the merger and refinance of ChemPro, Inc., and Redox Brands, Inc., to form CR Brands, Inc., a portfolio company of Allied Capital Corporation.
GE Antares and AC Finance LLC jointly underwrote the senior debt facility, consisting of a $3.0-million revolving credit facility and a $60.5-million term loan facility. Proceeds from the financing were used to refinance existing debt of both ChemPro and Redox and will provide for future working capital and the general corporate needs of CR Brands.
ChemPro is a leading manufacturer, marketer and distributor of a broad product line of branded and private label heavy-duty household cleaning products under the Mean Green(R), Pine Power(R), and Magnum Power(R) brand names. ChemPro sells its products through the dollar, mass merchant and grocery channels.
Redox is a marketer and distributor of branded laundry products. Its primary brands are Biz(R) laundry additive and Oxydol(R) laundry detergent, which were acquired from The Procter & Gamble Company in 2000. Redox sells its products primarily through the mass merchant and grocery channels.
"Allied Capital is an important long term relationship for GE Antares. GE Antares has financed numerous portfolio companies of Allied Capital. The GE Antares deal team worked very effectively with CR Brands Management and Allied to reliably deliver a flexible and timely capital structure solution," said Dave Swanson, Managing Director of GE Antares.
John Shulman, Managing Director of Allied Capital, "GE Antares has showed us once again their responsiveness and rigorous focus on our transaction. We look forward to continuing the strong working relationship that we have developed with GE Antares."
About Allied Capital Corporation
Allied Capital, a leading business development company with total assets of more than $4 billion, provides capital to companies seeking a long-term financial partner and access to managerial resources often unavailable to smaller companies. Since its IPO in 1960, the Company has provided long-term debt and equity financing to thousands of middle market companies and has paid regular, quarterly cash dividends to shareholders. The Company's private finance portfolio includes investments in over 100 companies that generate aggregate revenues of more than $12 billion and employ more than 90,000 people. Since 1998, Allied Capital has completed majority ownership investments in over 15 companies. Headquartered in Washington, D.C., Allied Capital offers shareholders the opportunity to participate in the private equity industry through an investment in the Company's New York Stock Exchange-listed stock, which is traded under the symbol ALD.
About GE Antares Capital
GE Antares Capital is a unit of GE Commercial Finance - Global Sponsor Finance. With over $8 billion in assets, and offices in Boston, Chicago, London, New York, and San Francisco, GE Antares offers a "one-stop" source for GE's lending and other services offered to the private equity sponsor middle market. For more information, visit www.geantares.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $190 billion and is headquartered in Stamford, Connecticut. 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 customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892