NORWALK, Conn.--07 June 2010-- GE Capital, Corporate Finance today announced it is sole lender for a $75 million asset-based credit facility to Insteel Industries, Inc., a leading manufacturer of steel wire reinforcing products. The loan replaces an existing credit facility from GE and will be used to fund Insteel's working capital, capital expenditure, general corporate and growth requirements.
Insteel Industries, Inc. (NASDAQ: IIIN) manufactures and markets prestressed concrete strand and welded wire reinforcement sold primarily to manufacturers of concrete products for nonresidential construction applications. Headquartered in Mount Airy, North Carolina, Insteel operates six manufacturing facilities located in Delaware, Florida, Kentucky, North Carolina, Tennessee and Texas.
"GE has been a strong supporter of Insteel over the past six years during what has been an increasingly volatile period in our markets," said Michael C. Gazmarian, Vice President, Chief Financial Officer and Treasurer of Insteel Industries, Inc. "We value their industry expertise and ability to make significant financial commitments to support the achievement of our business objectives."
"It starts with understanding client needs, their business and the steel industry at large," said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. "Our metals specialists strive to structure smarter loans to maximize liquidity and flexibility for customers."
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, Public Finance, Manufacturing, Marine, Metals & Mining, Paper, Packaging & Forest Products, Retail, Technology & Electronics; 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
[email protected]
+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340