NORWALK, Conn.--(BUSINESS WIRE)--Feb. 18, 2004--GE Commercial Finance's Corporate Lending group announced today that it has provided a $200 million credit facility to Cummins Inc. There are no current borrowings outstanding under the credit facility, which replaced an existing credit line.
Based in Columbus, Ind., Cummins Inc. (NYSE:CMI), a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Cummins serves its customers through more than 680 company-owned and independent distributor locations in 137 countries and territories. Cummins reported sales of $6.3 billion in 2003.
"This transaction illustrates our ability to serve the complex financial needs of large corporations, and strengthens our leadership position in the Indiana and automotive lending market," said Mark Jacobs, senior vice president, GE Commercial Finance Corporate Lending, who led the financing team.
"Our ability to make this $200 million commitment was greatly facilitated by our group's established expertise in receivables financing as well as our deep familiarity with the automotive and other markets served by Cummins," Mr. Jacobs said.
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 $217 billion and is headquartered in Stamford, Conn. General Electric (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better.
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