NORWALK, Conn.--(BUSINESS WIRE)--Jan. 10, 2006--GE Commercial Finance - Retail Finance today announced that it has provided $57 million in senior secured financing as Administrative Agent for The Rowe Companies (AMEX:ROW). The facility consisted of a $50 million revolving facility and a $7 million tranche B loan. The proceeds will be used to refinance existing secured debt and finance ongoing working capital.
The Rowe Companies operates two subsidiaries in the home furnishings industry: Rowe Furniture, Inc., a major manufacturer of quality upholstered furniture serving the middle and upper middle market throughout the U.S.; and Storehouse, Inc., a multi-channel, lifestyle home furnishings business including 69 retail home furnishings stores. Storehouse makes good design accessible by selling an edited assortment of casual, contemporary home furnishings through its stores located in the Southeast, Southwest and Mid-Atlantic markets, its catalog and over the Internet.
"We are appreciative of the speed and dedication at which GE was able to conclude this financing. We are excited to work with a financial institution that combines speed, flexibility, strength and the ability to execute," said Gerald M. Birnbach, Chairman and President. "We continue to work on initiatives intended to return our Rowe Furniture division to profitability and to continue the growth in Storehouse."
"The Rowe Companies is a perfect example of our group's ability to provide creative financing solutions, especially in the retail industry," said Ron Kubick, Senior Vice President, GE Commercial Finance - Retail Finance. "We appreciate the opportunity to work closely with management and their confidence in us to execute on a financing that provides them with liquidity to implement their planned initiatives."
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $232 billion and is headquartered in Stamford, Connecticut. 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. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
or
TorranceCo, New York
Mark Prindle, 212-691-5860
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340