NORWALK, Conn.--Tuesday, June 08, 2010-- GE Capital, Restructuring Finance today announced it is co-lender for a $175 million debtor-in-possession credit facility for Neff Rental, Inc., a national construction equipment rental company. The loan will be used for working capital needs as the company restructures through its prearranged plan under Chapter 11. GE Capital Markets served as co-lead arranger.
Established in 1995, Neff is headquartered in Miami, FL. The company owns and operates 63 equipment rental locations in 14 states throughout the southeastern, gulf and western regions of the U.S.
"We value a lender with turnaround finance expertise and the willingness to work with us in both good and challenging times," said Mark Irion, CFO for Neff Rental, Inc. "GE's significant commitment helps provide stability and liquidity as we focus on our restructuring efforts and confirming our prearranged plan."
"Since 1995, GE Capital has worked closely with Neff to provide the company with capital to help meet its business objectives," said Rob McMahon, managing director, GE Capital, Restructuring Finance. "In-depth knowledge of our borrowers and their industry means long term relationships and financial flexibility for our customers."
About GE Capital, Restructuring Finance
GE Capital, Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings. 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 a diversified infrastructure, finance and media company taking on the world's toughest challenges. GE operates in more than 100 countries and employs about 300,000 people worldwide. 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
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1-203-749-6340