NORWALK, Conn.--(BUSINESS WIRE)--Nov. 23, 2004--GE Commercial Finance Corporate Lending announced it has provided $173.5 million in financing to United States Steel Corporation (NYSE:X).
The financing commitment from GE Commercial Finance is part of $600 million senior secured revolving loan facility, for which GE served as Co-Lead Arranger, Co-Syndication Agent and Co-Collateral Agent. GE Commercial Finance will hold its entire financing amount. The U. S. Steel facility, which replaced an existing loan facility, closed on October 22nd.
"Our intent in this transaction was to structure a facility that reflects our company's strong financial profile and provides enhanced flexibility while addressing our ongoing capital requirements," said Larry Brockway, U. S. Steel Vice President & Treasurer. "GE's commitment helped us meet all our goals."
With domestic and European operations, U. S. Steel is the largest fully-integrated steel producer headquartered in the United States.
GE Commercial Finance Corporate Lending offers financing to clients from middle-market companies to large corporations. Corporate Lending's industry specific financing capabilities include a 10-person, dedicated metals underwriting team, with more than 25 global metals industry relationships, including integrated mills, mini-mills, service centers, non-ferrous products companies, and producers of alloys, tube and forgings. Currently, Corporate Lending has nearly $2 billion in outstanding commitments to the steel industry. Other significant transactions to date in 2004 including financings for AK Steel, Republic Steel, and Ispat Sidbec.
"GE Commercial Finance has a deep understanding of this industry's fundamental characteristics and needs, both historic and emerging," said Mark Smith, senior vice president and marketing leader, Metals Finance. "Our comfort with this industry is evidenced by our consistent willingness to provide and hold significant financing commitments, as in the U. S. Steel transaction. Our firm intent is to remain an ongoing and highly active source of flexible capital for this very dynamic industry sector."
About GE Commercial Finance Corporate Lending
GE Commercial Finance Corporate Lending offers financing to clients from middle-market companies to large corporations. Products and services include asset-based financing, cash flow lending and corporate restructuring. Corporate Lending is a leading global provider of financing solutions for investment and non-investment grade companies - committed to supporting clients at all stages of the business cycle. For more information on the businesses and products of GE Commercial Finance Corporate Lending, please visit www.gelending.com. GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $220 billion and is headquartered in Stamford, Connecticut. General Electric (NYSE:GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit the company's website at www.ge.com.
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