STAMFORD, Conn.--(BUSINESS WIRE)--April 19, 2005--Expanding its financial services for the growing coal industry, GE Commercial Finance's Energy Financial Services announced today it had provided refinancing capital to Oxford Mining Company headquartered in Coshocton, Ohio and a $65 million credit facility for CAM Holdings, LLC, based in Pikeville, Kentucky.
As oil and gas prices rise, many coal companies are adding to operating capacity with equipment and reserves to meet increasing demand from power plants. The US government predicts coal's contribution to global energy consumption will double to 50 percent by 2015. GE Commercial Finance Energy Financial Services is helping coal-producing customers meet this renewed demand for coal by providing them with a full range of commercial financial products to fund their growth.
"This refinancing will enable us to grow by freeing up capital so we can acquire additional coal reserves and equipment," said Chuck Ungurean, the CEO of Oxford, which is family owned. "Working with one company - GE Commercial Finance - that understands our business, rather than three or four banks and leasing companies, really made a positive difference."
The terms of the Oxford transaction were not disclosed.
GE Commercial Finance's Energy Financial Services also completed a $65 million credit facility for CAM Holdings, which owns strategically located mines with high-quality, long-life reserves.
"We've more than doubled our sales force in the past year so we can better serve our customers, including those in the coal industry," said Jim Kelly, a managing director at GE Commercial Finance Energy Financial Services. "In addition, we're offering a wider product range - from senior secured debt to equipment financing - and are drawing on our energy expertise to deliver more value to our customers."
About GE Commercial Finance Energy Financial Services
GE Commercial Finance Energy Financial Services, based in Stamford, Connecticut, invests about $3 billion annually in the world's most capital-intensive industry, energy. With more than $11 billion in assets, GE Commercial Finance Energy Financial Services offers structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket. For more information, visit www.geenergyfinancialservices.com.
About GE Commercial Finance
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.
About GE
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 customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
GE Commercial Finance
Janet Brown, 203-961-5950
Energy Financial Services
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340