GE Commercial Finance Corporate Lending today announced it has provided a $365 million asset-based credit facility to WESCO Distribution, Inc., a leading distributor of electrical supplies and equipment.
NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance Corporate Lending today announced it has provided a $365 million asset-based credit facility to WESCO Distribution, Inc., a leading distributor of electrical supplies and equipment.
The transaction, arranged by GE Capital Markets, refinances a previous facility and includes a significant line increase. WESCO will use the facility for ongoing working capital needs.
WESCO International, Inc. (NYSE: WCC) is a publicly traded Fortune 500 holding company whose primary operating entity is WESCO Distribution, Inc. Founded in 1922 in Pittsburgh, Pennsylvania, WESCO Distribution is a leading distributor of electrical construction products and electrical and industrial maintenance, repair and operating supplies. Its annual sales in 2006 were approximately $5.3 billion. WESCO operates seven fully automated distribution centers and approximately 400 full-service branches in North America and selected international markets.
"By extending our relationship with GE, we have a lender who knows our business and works closely with our organization to understand our evolving financing needs," said Stephen A. Van Oss, CFO for WESCO. "The new facility GE has structured provides us with increased flexibility and liquidity to help foster our growth strategy."
"Understanding the business lifecycles of our clients allows us to continuously deliver financing to help support their business plans," said Tom Quindlen, President and CEO of GE Corporate Lending. "Whether asset-based, cash flow or structured finance, we're dedicated to finding the right solution to meet their needs."
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 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.
Britta Kons
GE Healthcare Global Services
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1-203-400-1892