NORWALK, CT -- May 24, 2013 -- GE Capital, Corporate Retail Finance today announced it is administrative agent on a $550 million senior secured credit facility for Lord & Taylor, a leading North American retailer. The proceeds will be used to refinance debt, support ongoing working capital needs and for other corporate purposes. GE Capital also provided the company with interest rate risk management products and services. GE Capital Markets served as joint lead arranger and book runner.
Founded in 1826 and based in New York City, Lord & Taylor is one of the oldest upscale, specialty-retail department store chains in the U.S. The company has 49 stores primarily in the eastern U.S., as well as an online retail site. Lord & Taylor is a wholly owned subsidiary of Hudson's Bay Company, based in Toronto, Canada.
"The customer focus and retail expertise of the GE team is apparent," said Michael Culhane, CFO for Lord & Taylor. "They worked hard to provide the right financing products and services to allow us to optimize our capital structure."
"We've been a lender to Lord & Taylor for more than five years, so we have a solid understanding of their business and how they can put capital to work to help meet their goals," said Jim Hogan, senior managing director, GE Capital, Corporate Retail Finance. "Although consumer sentiment hasn't returned to the peak levels we've seen in the past, many retailers today are taking advantage of the favorable credit markets to help fuel long-term growth."
About GE Capital, Corporate Finance
GE Capital, Corporate Retail Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Funding may be provided through GE Capital, Corporate Retail Finance's affiliate, GE Capital Bank, Member, FDIC. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE's best practices to help build their business. Visit gelending.com/clnews or follow @GELendLease on Twitter.
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Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340
Allison Perkins
GE Capital Americas
[email protected]
1-203-229-1447
1-203-216-2695