NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance -- Corporate Lending today announced it has provided a $200 million asset-based credit facility to KB Toys, Inc., the largest mall-based toy retailer in the U.S. The loan will be used to refinance existing debt and for working capital needs.
In business for over 80 years, KB Toys is based in Pittsfield, Massachusetts and operates stores throughout the U.S., Guam and Puerto Rico.
"GE's in-depth industry expertise allowed them to understand our business, the unique nature of toy retailing and our financing needs," said Greg Staley, CEO of KB Toys, Inc. "They delivered what they promised and structured the financing to help maximize liquidity and flexibility. The facility allows us to continue our turnaround, satisfy our vendor needs and at the same time provides us with greater resources to expand our product offerings."
"Understanding the nuances of the retail market provides us with a unique perspective into the challenges and opportunities our clients in this sector are facing," said Jim Hogan, managing director of GE-Corporate Lending's Retail group. "We are better able to meet their needs by incorporating this knowledge into our underwriting which ultimately helps us provide smarter capital to 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 $10 million to $2 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, Norwalk
Jeffrey 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