PRZOOM - /newswire/ -
Norwalk, CT, United States, 2010/12/21 - GE Capital, Restructuring Finance announced it is administrative agent for a $200 million debtor-in-possession (DIP) credit facility and a $175 million plan of reorganization (POR) credit facility for Vertis Holdings, Inc. (NYSE: GE). NYSE: GE
GE Capital, Restructuring Finance today announced it is administrative agent for a $200 million debtor-in-possession (DIP) credit facility and a $175 million plan of reorganization (POR) credit facility for Vertis Holdings, Inc., a leading marketing communications company. The financing supports the company’s recapitalization under a voluntary pre-packaged Chapter 11 filing and its emergence. GE Capital Markets served as joint lead arranger for the DIP and lead arranger for the POR.
Headquartered in Baltimore, MD, Vertis provides inventive advertising, direct marketing and interactive solutions to prominent brands across North America. The company’s services include data management, digital program management systems, creative services, print and mail production, interactive services, logistics, out-of-home and business process outsourcing.
“GE’s keen sense of our business, as well as the broader dynamics of our industry, allowed us to quickly secure the financing we needed to seamlessly execute our recapitalization, while upholding all of our commitments to our clients, employees and suppliers,” said Gerald Sokol Jr., interim CEO and president for Vertis. “We look forward to working with GE, and appreciate their continued support of our long-term strategic growth plan.”
Jim Hogan, senior managing director, GE Capital, Restructuring Finance, said, “We’re specialists in financing corporate renewal. Success requires having strong relationships with client management and their financial advisors, and providing in-depth industry expertise earned through many business cycles.”
About GE Capital, Restructuring Finance
GE Capital, Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings. 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 (@GECapital). GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. GE operates in more than 100 countries and employs about 300,000 people worldwide.
Jeff Wilson - GE Capital, Corporate Finance
P: +1 203 749 6340 / E: Jeffrey.Wilson[.]ge.com.