PRZOOM - /newswire/ -
Norwalk, CT, United States, 2010/10/01 - GE Capital, Corporate Finance announced it is agent for a $40 million cash flow revolving credit facility to Planet Fitness, a leading fitness center owner, operator and franchisor (NYSE: GE). NYSE: GE
The financing will be used for working and growth capital and the facility may be increased to $50 million under certain conditions. GE Capital Markets served as sole lead arranger.
Founded in 1992, Newington, NH-based Planet Fitness has more than 350 locations in 38 states with over 2 million members. Focusing on the needs of occasional or first-time health club members, Planet Fitness gyms include cardio and strength training equipment and group fitness instruction at a low monthly cost.
“Because of GE Capital’s deep domain expertise, they’re smart about loan underwriting and willing to make significant financial commitments to growth businesses,” said Jayne Conway, chief financial officer of Planet Fitness. “This provides us with the liquidity and flexibility we need both for our day-to-day operations and to foster our growth plans.”
“Providing capital to rapidly growing companies is one of our specialties," said Tom Quindlen, president and chief executive officer of GE Capital, Corporate Finance. "This means working closely with clients to fully understand their needs, and then finding and delivering the right solution."
About GE Capital, Corporate Finance
GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; corporate aircraft; financial and business services; food, beverage and agribusiness; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE’s best practices. Visit gelending.com/clnews.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapitalNews). GE (ge.com) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems.
Jeff Wilson, GE Capital, Corporate Finance
P: +1 203 749 6340 / E: Jeffrey.Wilson[.]ge.com.