NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance Corporate Lending today announced it provided a $400 million trade accounts receivable securitization to Cummins Inc. (NYSE: CMI), a leading manufacturer of diesel engines, power generation systems and related components and technologies. The financing will be used to fund working capital needs and the loan may be increased to $500 million subject to the satisfaction of certain terms and conditions.
Founded in 1919, Cummins Inc. is based in Columbus, IN and has approximately 35,000 employees serving customers in more than 160 countries through 550 distributors and 5,000 dealers.
"GE provided the entire facility and they were able to move quickly because they understand our business and the end markets we serve," said Richard Harris, treasurer for Cummins Inc. "In addition, with its Access GE program, Cummins has the ability to leverage some of the management best practices that have made GE a successful industrial company for more than a century."
Exclusively for clients, Access GE is a program that provides access to world-class GE management best practices that can help improve business performance.
"Our team worked closely with Cummins management to understand their financing and business needs," said Tom Quindlen, president and CEO of GE Corporate Lending. "Custom finance structures, in-depth industry knowledge and programs like Access GE mean smarter capital for our clients."
Industry Specialization
To better meet the unique financing needs of customers, GE Corporate Lending has a team of Industry Leaders supported by dedicated research analysts. These industry experts work closely with GE Corporate Lending's regional teams to build smarter financing solutions for companies across key industries: Aerospace & Defense; Automotive & Automotive Parts; Chemicals & Plastics; Construction; Food, Beverage & Agribusiness; Financial & Business Services; Forest Products; General Manufacturing; Metals and Mining; Retail; Technology & Electronics; and Transportation.
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, GE 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 $250 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