NORWALK, Conn.--Monday, December 07, 2009-- GE Capital, Corporate Retail Finance today announced it is co-collateral agent for a $625 million asset-based credit facility for The Bon-Ton Stores, Inc., a department store retailer. The loan will be used to refinance existing debt and for working capital needs. GE Capital Markets served as joint lead arranger.
Headquartered in York, PA and Milwaukee, WI, The Bon-Ton Stores, Inc., (NYSE: BONT) offer a broad assortment of brand-name fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. The company operates 278 stores, including 11 furniture galleries, in 23 states.
"GE has met our capital needs for over a decade and we truly value their continued support," said Keith Plowman, executive vice president and CFO for The Bon-Ton Stores, Inc. "We believe this credit facility coupled with the recently announced second lien term loan provides us with increased liquidity and positions The Bon-Ton well for the future."
"We continue to provide vital financing to customers to help them meet their business objectives," said Jim Hogan, managing director of GE Capital, Corporate Retail Finance. "In-depth knowledge of the retail sector, loan structuring expertise and an ability to commit large amounts of capital means smarter liquidity for borrowers."
About GE Capital, Corporate Retail Finance
GE Capital, Corporate Retail Finance is a leading provider of senior secured loans to retailers, primarily in the U.S., to support working capital, growth, acquisitions and more. Visit gelending.com/clnews.
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Ned Reynolds
GE Capital
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Jeff Wilson
GE Capital Corporate Finance
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