NORWALK, Conn.--Friday, April 09, 2010-- GE Capital, Corporate Retail Finance today announced it was co-collateral agent on a $700 million asset-based credit facility for Borders Group, Inc. (NYSE: BGP), a specialty retailer of books and other educational and entertainment items. The loan will be used to support working capital needs. GE Capital Markets served as co-lead arranger.
Borders Group is headquartered in Ann Arbor, MI, and employs approximately 19,500 throughout the U.S., primarily in its Borders® and Waldenbooks® stores.
"As a long-term GE customer, we appreciate their knowledge of our business and ongoing support," said Mark Bierley, CFO for Borders Group. "Throughout the years, GE's retail expertise and willingness to share institutional best practices has been valuable to our organization."
"In-depth retail knowledge and underwriting expertise allows us to make significant financial commitments," said Jim Hogan, managing director of GE Capital, Corporate Retail Finance. "Aside from providing capital, we also go beyond financing by sharing GE tools and insight to add additional value for customers."
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. With Access GE, clients also benefit from access to GE management best practices. Visit gelending.com/clnews.
About GE Capital
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. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit www.ge.com.
Ned Reynolds
GE Capital
[email protected]
+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340