NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance Corporate Lending today announced it served as co-administrative agent in a $9.2 billion financing for SABIC Innovative Plastics Holding B.V. The facility included $7.7 billion of senior secured debt and $1.5 billion in senior notes. The financing was used to support the acquisition of GE's Plastics business by Saudi Basic Industries Corporation (SABIC). GE Capital Markets served as joint bookrunner.
Based in Riyadh, Saudi Arabia, SABIC is one of the world's leading manufacturers of chemicals, fertilizers, plastics and metals.
"GE's industry knowledge and expertise in financing the plastics sector made them an invaluable lender in this transaction," said Mutlaq Al-Morished, CFO of SABIC. "In addition, our company has the opportunity to leverage GE business processes through Access GE."
Exclusively for clients, Access GE is a program that provides access to world-renowned GE management best practices that can help improve business performance.
"The petrochemical and plastics industries have experienced a solid upturn during the last three years, and companies like SABIC are strategically investing to create a global growth platform and serve global demand," said Deepak Ghosh, chemicals and plastics industry leader for GE Corporate Lending. "With more than $4 billion invested in the sector, we're focused on this market and the trends impacting it."
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 customized 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; 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 $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.
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