NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance -- Corporate Lending today announced that it has served as administrative agent for a $95-million cash flow credit facility to support the acquisition of US Corrugated (formerly known as Lin Pac, Inc.), a vertically integrated corrugated packaging producer, from LINPAC Group Limited, U.K. GE will also provide interest rate risk management products and services.
GE Capital Markets was lead arranger of the facility, which consisted of a $30-million revolver, a $45-million term loan, and a $20-million second lien loan.
"The GE team demonstrated a true understanding of the challenges and opportunities in the paper and packaging sector," said Thomas Uleau, Chief Financial Officer, U.S. Corrugated. "They delivered what they promised, and structured the acquisition financing to help maximize liquidity and flexibility."
Added Allan Wieman, Paper, Packaging and Forest Products Industry Leader, GE Corporate Lending, "We are dedicated to understanding and serving the financing requirements of companies such as U.S. Corrugated, and plan to continue to innovate to meet their evolving needs."
Prior to this acquisition, U.S. Corrugated was called Lin Pac, Inc., a corrugated packaging manufacturer and supplier based in Atlanta, Georgia. The business primarily serves the South East U.S. packaging market producing recycled liner-board, corrugating medium, corrugated sheets, boxes and point-of-sale displays.
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. The Industry Leaders, work closely with GE Corporate Lending's regional client teams to build customized financing solutions for companies across key industries: Aerospace & Defense; Automotive & Automotive Parts; Chemicals & Plastics; Food, Beverage & Agriculture; Financial & Business Services, General Manufacturing; Paper, Packaging & Forest Products; Steel & Diversified Metals; Technology; and Transportation & Construction. The industry-aligned approach also builds on GE Corporate Lending's experience as a leading provider of financial solutions for the Retail industry and for companies in need of Turnaround and Restructuring Finance.
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 complimentary 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 the company's website at 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