NORWALK, Conn.--14 April 2011-- GE Capital, Corporate Finance today announced it is co-administrative agent on a $145 million cash flow-based credit facility for Vigor Industrial LLC, a ship building and repair company. The loan is being used to support the acquisition of Todd Shipyards Corporation, a ship repair and maintenance company. GE Capital Markets served as co-lead arranger.
Based in Portland, OR, Vigor Industrial provides ship construction, repair and conversion, barge building, industrial coating, machining, industrial real estate, and fabrication services. Todd Shipyards repairs, maintains, overhauls and rebuilds government-owned and commercial vessels. The acquisition of Todd makes Vigor the largest ship repair and building business in the Pacific Northwest.
"GE Capital's in-depth marine industry knowledge and environmental expertise was invaluable during this transaction," said Frank Foti, president of Vigor Industrial LLC. "In addition to providing us with capital to help expand our business, they also gave us insights into GE best practices on acquisition integration to support our strategy."
"We go beyond providing capital to help our customers succeed," said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. "Access to GE's institutional best practices, tailored financing options and deep industry expertise means smarter capital for our clients."
About GE Capital, Corporate Finance
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: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, 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. Funding may be provided through GE Capital, Corporate Finance's affiliate, GE Capital Financial Inc., member FDIC. With Access GE, clients also benefit from access to GE's best practices. Visit gelending.com/clnews.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is an advanced technology, services and finance company taking on the world's toughest challenges. For more information, visit ge.com.
Ned Reynolds
GE Capital
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+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340