GE Commercial Finance Corporate Lending today announced it has led $250 million in credit facilities for Handleman Company, a leading distributor of music CDs and video games.
NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance Corporate Lending today announced it has led $250 million in credit facilities for Handleman Company, a leading distributor of music CDs and video games. GE Corporate Lending provided a $110 million asset-based credit facility and GE Capital Markets, Inc. served as co-lead arranger on a $140 million senior secured credit facility.
Founded in 1934, Handleman is a category manager and distributor of prerecorded music and video games to retailers and mass merchants in the U.S., Canada and the United Kingdom. Services the company provides include product selection, marketing and in-store merchandising. Handleman will use the loan to refinance existing debt and for working capital needs.
"GE worked closely with us to understand our financing needs," said Thomas Braum, Executive Vice President and CFO for Handleman Company. "They delivered what they promised and were key in implementing our financing."
"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. "Our expertise and experience in structuring complex deals means smarter capital for our clients."
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 financial 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]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892