NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance Corporate Lending today announced it has led $145 million in credit facilities for Danka Business Systems (NASDAQ: DANKY), an independent leading provider of office system solutions. GE Corporate Lending provided a $100 million cash flow credit facility and GE Capital Markets served as lead arranger on a $45 million senior secured credit facility. Danka will use the loan for recapitalization purposes and to support ongoing working capital needs.
Headquartered in St. Petersburg, Florida, Danka was founded in 1977. The company provides customers throughout the U.S. with the equipment, supplies, software and integrated services and support to address print, copy and document workflow requirements.
"Within a tight timeframe, GE structured financing to meet our needs and delivered what they promised," said A.D. Frazier, Chairman and CEO of Danka. "They tailored financing that allows us to maximize flexibility and liquidity to help grow our business."
"We're dedicated to finding the right solution to help companies execute their business plans," said Tom Quindlen, president and CEO of GE Corporate Lending. "Whether cash flow, asset-based or structured finance, we strive to find the right solutions to support our clients throughout their business lifecycle."
About GE Corporate Lending
With $14 billion in assets, GE Commercial Finance Corporate Lending is one of North America's largest providers of asset-based, cash flow, structured finance and other capital solutions for mid-size and large companies. From over 30 offices throughout the U.S. and Canada, Corporate Lending specializes in serving the unique needs of borrowers seeking $20 million to $2 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit www.gelending.com/clnews for more information.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $233 billion and is headquartered in Norwalk, 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. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
Contacts GE Corporate Lending, Norwalk
Jeff Wilson, 203-229-1887
[email protected]
or
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340