PRZOOM - /newswire/ -
Norwalk, CT, United States, 2010/11/23 - GE Capital, Corporate Finance announced it is agent for a $200 million asset-based credit facility to International Automotive Components Group North America, Inc. (IAC), a leading global automotive parts supplier (NYSE: GE). NYSE: GE
The loan will be used for working capital needs and to support growth and expansion efforts. GE Capital Markets served as sole lead arranger.
Headquartered in Dearborn, MI, IAC is a Tier 1 automotive supplier of vehicle interior components and systems including instrument panels, door modules, overhead systems, flooring and acoustic systems, cargo management and more.
“GE continued to support our business through the tough economic and auto industry environment of the past few years,” said Jeff Vanneste, CFO of IAC. “This most recent financing from GE provides us with the capital we require to drive key business initiatives.”
“We’re able to support customers in good and challenging times because we understand their business needs and the industries in which they operate,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “As the overall market slowly begins to improve, we’re providing an increasing number of customers with financing to help them grow and take advantage of market opportunities.”
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.