CHICAGO--(BUSINESS WIRE)--Aug. 15, 2006--GE Antares Capital today announced it is the administrative agent for $95 million in senior secured credit facilities to support the recapitalization of Breeze Industrial Products Corporation ("Breeze"), a portfolio company of Wind Point Partners. GE Capital Markets served as sole lead arranger and bookrunner for this transaction.
The financing consists of a $15 million, 5-year senior secured revolving credit facility, and an $80 million, 5-year senior secured term loan. Breeze will use the proceeds of the recapitalization to refinance existing indebtedness and provide a dividend to the shareholders. The remaining borrowings under the facility are available for general corporate purposes and for Breeze to implement its business strategy.
Breeze, headquartered in Auburn Hills, Michigan, is a leading producer of highly-engineered, proprietary exhaust and hose clamps that serve a diverse industrial customer base including heavy truck, automotive, agricultural and construction equipment. The Breeze product line has products and features that meet highly technical specifications and is the only North American manufacturer capable of providing clamp products on every vehicle application from intake to exhaust.
"We are pleased to have the opportunity to structure a transaction that addresses the needs of both Wind Point Partners and Breeze, and hope to continue our value-added partnership with Wind Point Partners," said Brian Moncrief, a Senior Vice President at GE Antares.
Sarah Kneisel, a Principal at Wind Point Partners, said, "We appreciate the continuing support of GE Antares, who has been lender to the company for several years. They have proven they are responsive and supportive of our plans for growth at Breeze."
About Wind Point Partners
Wind Point Partners(R) is a private equity investment firm with offices in Chicago, Illinois, and Southfield, Michigan that manages $2 billion in capital. Wind Point focuses on partnering with top caliber executives to acquire solid middle market businesses with a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.
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 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