NORWALK, Conn. & MONTREAL, QC--(BUSINESS WIRE)--GE Capital, Corporate Retail Finance today announced it is co-collateral agent for a $C1.35 billion asset-based revolving credit facility to Hudson's Bay Company, one of Canada's largest retailers. GE Capital Markets served as joint lead arranger. The loan will be used for working capital needs.
Founded in 1670 and based in Toronto, Can., The Hudson's Bay Company (HBC) has over 50,000 employees throughout Canada and over 600 retail outlets including the Bay, a major department store, Zellers, a mass merchandiser, Home Outfitters, a kitchen, bed and bath specialty store, and value-priced Fields stores.
"GE Capital provided us with the right loan structure and flexibility to meet our working capital needs," said Mike Culhane, senior vice president and CFO for Hudson's Bay Company. "Their experience in retail finance and ability to make a significant financial commitment certainly helped secure a very successful transaction for HBC."
"We're focused on meeting the unique capital needs of retailers," said Jim Hogan, managing director of GE Capital, Corporate Retail Finance. "It starts with understanding the nuances of retail and working with clients to meet their business goals."
"GE Capital is committed to providing Canadian companies with the right financing. When we complete a transaction of this importance, it feels good knowing that we offer customers the financing solutions they need plus what GE is well known for--deep domain expertise," said Patrick Palerme, president and chief executive officer of GE Capital in Canada.
About GE Capital
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Ned Reynolds
GE Capital
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