NORWALK, Conn.--(BUSINESS WIRE)--Feb. 10, 2005--GE Commercial Finance Corporate Lending announced it has provided a $30 million senior secured credit facility to western wear manufacturer and distributor Arena Brands, Inc. The financing replaces an existing facility previously arranged by GE Commercial Finance. The transaction closed on January 7.
GE Commercial Finance is the sole lead arranger, agent and a lender for the transaction and will hold half the facility.
Headquartered in Garland, Tex., Arena Brands is a privately held manufacturer and distributor of premium quality western and casual wear. The company's subsidiaries include RHE Hatco, Inc., which specializes in western hats such as Stetson, Resistol, and Charlie 1 Horse, and Lucchese, Inc., a producer of well-known boots of the same name.
"GE Commercial Finance has once again designed a financing solution perfectly suited to our unique short and long-term goals," said Tom Hough, Chief Financial Officer of Arena Brands, Inc. "The strength of our relationship comes from GE's willingness to work closely with us, rather than treating us like just another borrower."
"Our close working relationship with Arena gave us insights that enabled us to develop a financing plan that significantly reduces their cost of funds," said Tom Sommerfield, Senior Vice President, GE Commercial Finance Corporate Lending. "We are very pleased to continue our relationship with Arena."
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 $230 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.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
or
TorranceCo
Jim Marren, 212-786-6133
Jeff Wilson
GE Capital Corporate Finance
Jeffrey.Wilson@ge.com
1-203-749-6340