MONTREAL--01 June 2009-- GE Capital today announced it provided a C$130 million asset-based credit facility to The Brick Group Income Fund, one of Canada's largest retailers of furniture, appliances and home electronics. The loan will be used for recapitalization purposes. GE Capital Markets and GE Capital Markets (Canada) Ltd. acted as sole lead arranger on the transaction.
In order to provide The Brick Group Income Fund with the smartest capital solution possible, GE Capital's Canadian team partnered with GE's retail corporate finance team to structure the financing.
Based in Alberta, The Brick Group Income Fund operates approximately 230 stores throughout Canada under the banners of The Brick, United Furniture Warehouse, The Brick Superstore, The Brick Mattress Store and Urban Brick.
"We valued working with a lender who understands the dynamics of the Canadian market and has extensive knowledge of the retail sector," said Nick Bobrow, CFO for The Brick Group Income Fund. "GE delivered on their promise to provide us with the increased liquidity and financial flexibility we were seeking."
"Canadian customers benefit from GE's local presence and access to its global network of expertise," said Patrick Palerme, president and CEO of GE Capital in Canada. "We have been offering financial solutions to Canadian companies since 1986 and are commited to helping our customers meet their business growth objectives."
"Our extensive retail finance knowledge allows us to quickly understand the needs of our customers and structure the best financing solution possible," said Jim Hogan, managing director of GE Capital Corporate Retail Finance. "Retailers today must fully optimize the capital resources at their disposal to meet the unique challenges and opportunities of the current environment."
About GE Capital
With more than 20 offices throughout Canada, GE Capital (gecapital.ca) is a leading provider of financial and fleet management solutions to businesses operating in a broad range of economic sectors, including construction, transportation, energy, manufacturing and retail. The business' customized solutions include asset based working capital and term financing, cash flow financing, corporate aircraft, franchise and fleet financing as well as financial solutions and services to equipment manufacturers, fleet operators, distributors, dealers and their end users.
GE Capital, Corporate Retail Finance specializes in providing senior secured loans to retailers to support working capital, growth, acquisitions and more. Visit gelending.com/clnews.
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
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