NORWALK, Conn. & MONTREAL--17 September 2010-- GE Capital, Corporate Retail Finance today announced it is co-collateral agent for a $C800 million asset-based revolving credit facility to Sears Canada Inc., a leading retailer throughout Canada. The loan will be used for working capital and general corporate purposes. GE Capital Markets served as co-lead arranger.
Based in Toronto, Can., Sears Canada (TSX: SCC) is a multi-channel retailer with a network of 197 corporate stores, 241 dealer stores, 31 home improvement showrooms, over 1,800 catalogue merchandise pick-up locations, 108 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The company also publishes a catalogue and offers shopping online.
"GE's retail industry expertise and ability to make a significant financial commitment were key," said Allen Ravas, senior vice president and CFO for Sears Canada. "These factors help us both to execute the transaction and, going forward, provide us with more liquidity and flexibility which helps us meet our business objectives."
"We're committed to providing smarter liquidity to retailers," said Jim Hogan, managing director of GE Capital, Corporate Retail Finance. "This requires working closely with customers and drawing on years of experience to help them meet their financial and business needs."
"It is very satisfying to see our customers take full advantage of GE's deep domain expertise," said Patrick Palerme, president and chief executive officer of GE Capital in Canada. "We only succeed when our clients succeed."
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Ned Reynolds
GE Capital
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Jeff Wilson
GE Capital Corporate Finance
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Marina Brzeski