NORWALK, CT-- September 8, 2009 --- GE Capital, Corporate Finance today announced it is administrative agent for a $151 million asset-based credit facility to Kumho Tire U.S.A., Inc., the U.S. distributor of South Korea-based Kumho Tire Co., Inc. GE Capital Markets served as co-lead arranger. The loan will be used for working capital needs.
Founded in 1975 and headquartered in Rancho Cucamonga, CA, Kumho Tire U.S.A. is the U.S. distribution arm of Kumho Tire Co., the Seoul, South Korea manufacturer and distributor of tires for passenger cars, trucks and other vehicles.
"GE Capital has served Kumho since 2006 and they are extremely knowledgeable about our business and the automotive marketplace at large," said J. B. Kim, president and CEO of Kumho Tire U.S.A. "GE's significant financial commitment helps us meet our day-to-day working capital needs."
"We specialize in working with clients to understand the challenges and opportunities in key sectors such as automotive," added Tom Quindlen, president and CEO, GE Capital, Corporate Finance. "This knowledge helps us provide clients with smarter liquidity to support their business plans."
About GE Capital, Corporate Finance
GE Capital, Corporate Finance is one of the largest providers of asset-based, cash flow and structured loans and leases for mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace & Defense, Automotive & Transportation, Chemicals & Plastics, Corporate Aircraft, Financial & Business Services, Food, Beverage & Agribusiness, Government Finance, Marine, Metals & Mining, Paper, Packaging & Forest Products, Retail, Technology & Electronics. Visit gelending.com/clnews.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at ge.com.
Ned Reynolds
GE Capital
ned.reynolds@ge.com
+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
Jeffrey.Wilson@ge.com
1-203-749-6340