NORWALK, Conn.--(BUSINESS WIRE)--May 1, 2006--GE Commercial Finance - Corporate Lending today announced that it is the sole lender of an $80-million senior credit facility to refinance debt for Winner Steel, Inc., a prime galvanized steel coil supplier located in Sharon, Pennsylvania.
This financing is part of a total credit facility of $130 million, which also includes a $50-million term loan.
"We selected GE as our financing partner because their metals team demonstrated its expertise in the steel sector, and understood Winner's business model," said Bo Miller, CFO at Winner Steel. "We have had an extremely positive image of GE from prior dealings in our industry."
Added Greg Eck, SVP - Metals Industry Leader, GE - Corporate Lending, "We look forward to continuing to bring GE's products, industry expertise and many other resources to Winner Steel to support their continued growth."
About Winner Steel
Winner Steel operates three state-of-the-art galvanizing lines in Sharon, PA with capacity to produce over 1.1 million tons per year of high quality galvanized/galvannealed steel sheet. Winner Steel completed construction and commissioned the new line in 2005. The new 72" line is capable of producing up to 600,000 tons of galvanized/galvannealed steel sheet for use in automotive and appliance applications.
About GE Commercial Finance - Corporate Lending
GE Commercial Finance - Corporate Lending offers financing to clients from middle-market companies to large corporations. Products and services include asset-based financing, cash flow lending and corporate restructuring. Corporate Lending is a leading global provider of financing solutions for investment and non-investment grade companies - committed to supporting clients at all stages of the business cycle. For more information on the businesses and products of GE Commercial Finance Corporate Lending, please visit www.gelending.com. GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $190 billion and is headquartered in Stamford, Connecticut. General Electric (NYSE:GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit the company's website at www.ge.com.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, (203) 229-5717
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892