NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance -- Corporate Lending today announced that its Retail Finance team has served as administrative agent on a $183-million credit facility for USA Drug, a leading family-owned retail drug store chain and distributor. The credit facility consists of a $177-million revolver and a $6-million term loan. GE Capital Markets acted as sole lead arranger on this facility.
This was the second financing that GE has arranged for this growing drug store chain. The first financing was in 2004 when USA Drug acquired May's Drug Stores and Med-X Drug Stores. GE -Corporate Lending's retail portfolio has grown to $3.4 billion in the first three quarters of 2006, with $335 million committed to pharmacies.
"GE once again provided us with creative financing solutions to help us grow our business," said Stephen LaFrance, Sr., chairman and chief executive officer of USA Drug. "In addition, the Access GE team helped us implement a customer-service enhancement program that significantly improved service and sales. In effect, this was a double-win for USA Drug."
Exclusively for GE customers, Access GE or "At the Customer For the Customer," is a complimentary program that helps improve business performance by sharing world-renowned GE processes and best practices.
Added Jim Hogan, managing director, GE -- Corporate Lending's Retail Finance team, "GE's relationship with USA Drug has evolved to meet the expanding needs of this growing chain. Customers can rely on us to move their business forward with both financial and intellectual capital."
About USA Drug
The USA Drug family of stores has grown from its roots in 1968 to now include five regional retail chains -- USA Drug, Super D Drugs, IKE's Deep Discount Drug, Mays Drug Stores and Med-X Drug Stores. The family-owned company also operates Select Brand Distributors, a top-quality private label merchandise line that now entails more than 750 items. The company is headquartered in Pine Bluff, Ark., and was assisted by Stephens Inc., who acted as financial advisor to USA Drug for these transactions. For more information, visit usadrug.com.
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 $10 million to $1 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit gelending.com 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 $206 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 customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit ge.com.
Contacts
GE - Corporate Lending
Jeffrey Wilson, 203-229-1887
[email protected]
OR
GE Commercial Finance
Ned Reynolds, 203-229-5717
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892