NORWALK, Conn.--25 May 2012-- GE Capital, Corporate Finance today announced it is co-collateral agent on a $200 million asset-based credit facility for School Specialty, Inc., a leading provider of resources and services for pre-Kindergarten to 12th grade educators. The loan will be used for working capital and general corporate purposes to support long-term growth. GE Capital Markets served as co-lead arranger and joint bookrunner.
Headquartered in Greenville, Wisconsin, School Specialty (NASDAQ: SCHS) designs, develops and provides educators with curriculum, supplemental learning resources and school supplies. School Specialty offers more than 30 proprietary brands and more than 100,000 items that address the full spectrum of educational needs. The company offers its products through two operating groups, Education Resources and Accelerated Learning.
"This new asset-based credit agreement and term loan provides us with a more appropriate borrowing structure for our business," said Michael P. Lavelle, president and CEO of School Specialty. "We are now poised to further focus our business to drive long-term growth and enhance value to our customers."
"Our focus is on providing middle-market companies with financing solutions that work," said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. "We aim to structure smarter, more strategic capital in order to best meet customer needs."
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 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.
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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