GE Commercial Finance Corporate Lending today announced it provided a $110 million asset-based credit facility to MAG Industrial Automation Systems, a global manufacturer of advanced machine tools and systems. The loan will be used to refinance existing debt and for ongoing working capital needs. GE Capital Markets arranged the transaction.
Headquartered in Sterling Heights, MI, MAG serves manufacturers worldwide in various industries including aerospace, automotive, energy and heavy equipment.
"GE industry specialists from aerospace, automotive and manufacturing worked closely with us to understand our business and borrowing needs, said Brian Lutes, CFO of MAG. "Their deep industry knowledge helped tailor the financing to meet our specific needs.
"In-depth knowledge of our borrowers and the end-markets they serve means smarter financing solutions for clients, said Tom Quindlen, president and CEO of GE Corporate Lending. "That industry acumen combined with capital markets expertise often results in greater liquidity and flexibility for companies.
Industry Specialization
To better meet the unique financing needs of customers, GE Corporate Lending has a team of Industry Leaders supported by dedicated research analysts. These industry experts work closely with GE Corporate Lending's regional teams to build smarter financing solutions for companies across key industries: Aerospace & Defense; Automotive & Automotive Parts; Chemicals & Plastics; Construction; Food, Beverage & Agribusiness; Financial & Business Services; Forest Products; General Manufacturing; Metals and Mining; Retail; Technology & Electronics; and Transportation.
About GE Corporate Lending
With $14 billion in assets, GE Commercial Finance Corporate Lending is one of North America's largest providers of asset-based, cash flow, structured finance and other financial solutions for mid-size and large companies. From over 30 offices throughout the U.S. and Canada, GE Corporate Lending specializes in serving the unique needs of borrowers seeking $20 million to $2 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit www.gelending.com/clnews for more information.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $300 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
