NORWALK, Conn.--30 October 2008-- GE Commercial Finance Corporate Lending today announced it provided a $195 million cash flow credit facility to Bellisio Foods, a major frozen food manufacturer. The loan will be used for recapitalization and ongoing working capital needs. GE Capital Markets acted as co-lead arranger on the transaction.
Based in Minneapolis, Minn., Bellisio is a major manufacturer of frozen foods. The company is named after the familial home of founder Jeno Paulucci, in Bellisio Solfare, Italy. Bellisio's products are sold throughout the U.S. and worldwide under brands including Michelina's, Lean Gourmet, Budget Gourmet, Howlin' Coyote and Joy of Cooking.
"During volatile market conditions, GE was able to provide us with the liquidity we were seeking to increase our operational flexibility," said Danette Bucsko, CFO for Bellisio. "In addition, their food industry expertise allowed them to understand our business objectives in relation to the challenges and opportunities unique to our sector."
"The main challenge for food companies today is the unprecedented increase in input costs," said Dennis Krause, food, beverage and agribusiness industry leader for GE Corporate Lending. "In this environment, companies well positioned to offset this challenge need quality products that correspond to consumer needs, efficient operations, a focused management team and access to capital."
Industry Specialization
To better meet the unique financing needs of businesses, GE Corporate Lending has a team of Industry Leaders supported by research analysts. These industry experts help build smarter financing solutions for companies across key industries: Aerospace & Defense; Automotive; Chemicals & Plastics; Construction; Food, Beverage & Agribusiness; Financial & Business Services; Forest Products; Metals and Mining; Restructuring; Retail; Technology & Electronics; and Transportation.
About GE Corporate Lending
With $16 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 to learn more.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $300 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work. For more information, visit the company's Web site at http://www.ge.com.
Ned Reynolds
GE Capital
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+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340