NORWALK, Conn.--08 September 2010-- GE Capital, Corporate Finance today announced it is agent for a C$300 million asset-based credit facility to Evraz Inc. NA Canada, a steel plate and pipe manufacturer. The loan will be used for working capital needs and other corporate purposes. GE Capital Markets served as joint lead arranger.
Headquartered in Portland, OR, Evraz Inc. NA Canada operates a steel making and rolling mill, several pipe mills and 2 cut-to-length facilities in western Canada. The company produces specialty and commodity steel plate and pipe products primarily serving oil and gas producers and distributors, service centers and fabricators in North America.
"GE has a keen understanding of the steel business and made a significant financial commitment," said Mike Rehwinkel, Evraz Inc. NA president and CEO. "This credit facility provides us with the liquidity and flexibility to meet our ongoing working capital needs."
"The steel industry is both capital intensive and cyclical," said Tom Quindlen, president and CEO, GE Capital, Corporate Finance. "Meeting the industry's financing needs requires experience, market knowledge and working closely with clients."
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GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Automotive and transportation; chemicals and plastics; corporate aircraft; financial and business services; food, beverage and agribusiness; 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. Visit gelending.com/clnews.
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Ned Reynolds
GE Capital
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+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340