NORWALK, Conn. -- GE Commercial Finance Corporate Lending today announced it has provided a $110 million asset-based credit facility to Navarre Corporation (NASDAQ: NAVR), a publisher and distributor of home entertainment and multimedia products throughout North America.
The loan was arranged by GE Capital Markets, Inc. and will be used for ongoing working capital needs and to replace an existing cash flow credit facility from GE.
New Hope, Minnesota-based Navarre publishes personal productivity, genealogy, education and interactive gaming PC products. The company also distributes PC software, CDs, DVDs, video games and accessories to wholesale clubs, mass merchandisers and specialty stores.
"GE understands our evolving financing needs and helps us foster our business plan," said Reid Porter, Chief Financial Officer for Navarre. "By restructuring and increasing our credit facility, GE has provided us with greater liquidity to support our seasonal working capital requirements."
"We're dedicated to providing smarter loan structures to meet the unique needs of our clients," said Tom Quindlen, President and CEO of GE Corporate Lending. "Whether asset-based, cash flow or structured finance, we find the solution to support our clients wherever they are in 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]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892