PRZOOM - /newswire/ -
Norwalk, CT, United States, 2010/11/18 - GE Capital, Corporate Finance announced it is agent for a $120 million asset-based credit facility to Huttig Building Products, Inc., a leading domestic distributor of millwork, building materials and wood products (NYSE: GE). NYSE: GE
The loan refinances an existing credit facility and will be used to support working capital needs. GE Capital Markets served as co-lead arranger. GE also provides the company with equipment lease financing.
Headquartered in St. Louis, MO, Huttig is in its 125th year of business. The company’s products are principally used in new residential construction and in home improvement, remodeling and repair work. Huttig distributes its products through 27 distribution centers serving 41 states.
“As a longstanding GE borrower, we value a lender who understands our business and works with us to meet our evolving credit needs,” said Philip Keipp, CFO for Huttig. “GE’s knowledge of the building products sector and expertise in loan structuring helped provide us with financial flexibility and liquidity.”
“Whether the market is expanding or contracting, we specialize in working with companies to fuel their business plans,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “Combining our deep awareness of customer needs with industry specialization means more options for our borrowers.”
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.
Ned Reynolds, GE Capital, Americas
P: +1 203 229 5717 / M: +1 203 837 0699 / E: ned.reynolds[.]ge.com.