CHICAGO--(BUSINESS WIRE)--Aug. 8, 2006--GE Antares today announced it is the administrative agent for an amended and restated $250 million senior secured revolving credit facility to support the refinancing of H&E Equipment Services, Inc. ("H&E"), (NASDAQ HEES). GE Capital Markets served as sole lead arranger for the credit facilities.
H&E will use the credit facility to meet its future working capital and general corporate needs.
H&E Equipment Services, Inc. is one of the largest integrated equipment services companies in the United States with 47 full-service facilities throughout the Intermountain, Southwest, Gulf Coast and Southeast regions of the United States. The Company is focused on heavy construction and industrial equipment and rents, sells and provides parts and service support for four core categories of specialized equipment: (1) hi-lift or aerial platform equipment; (2) cranes; (3) earthmoving equipment; and (4) industrial lift trucks. By providing equipment rental, sales, and on-site parts, repair and maintenance functions under one roof, the Company is a one-stop provider for its customers' varied equipment needs. This full service approach provides the Company with multiple points of customer contact, enabling it to maintain a high quality rental fleet, as well as an effective distribution channel for fleet disposal and provides cross-selling opportunities among its new and used equipment sales, rental, parts sales and service operations.
"GE was able to provide a creative structure and eliminate high cost capital under the facility. We have worked with H&E for several years. Our in-depth knowledge of the company allowed for our deal team to quickly and reliably deliver a flexible capital structure solution," said Bruce Robertson, Managing Director of GE Antares.
Leslie Magee, H&E Equipment Services, Inc. Chief Financial Officer, added, "Given our operational momentum in recent years, we expect this successful refinancing will improve our financial flexibility. We appreciate GE's responsiveness and support of H&E and our management team's plans for growth."
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. 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 $206 billion and is headquartered in Norwalk, 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