GE Commercial Finance - Corporate Lending today announced that it has served as lead lender in a $30-million credit facility for MarketFare Foods, Inc., a leading manufacturer of quality branded, proprietary and co-pack sandwiches, wraps, burritos, sauces and specialty foods. Proceeds will be used for refinancing current debt, working capital management and general corporate purposes. GE Capital Markets served as lead arranger in this transaction.
The credit facility consisted of a $10-million revolver and a $20-million second-lien loan.
"GE Corporate Lending demonstrated a strong understanding of our business, our industry, and MarketFare Food's capital structure needs," said Al Carfora, President and CEO, MarketFare Foods. "By providing the financial solution that was tailored to our needs, GE is helping us to continue to grow in our market."
Added Dennis Krause, Food, Beverage and Agriculture Industry Leader for Corporate Lending, "GE has been a long-time lender in the food industry, having more than $5.2 billion currently invested. We are enthusiastic about MarketFare's growth potential and that our industry expertise is playing a role in the company's future."
GE Corporate Lending uses an industry-based approach to help their customers grow through better-tailored solutions for the unique requirements of each customer. A team of Industry Leaders, supported by dedicated research analysts, partner closely with Corporate Lending's regional sales force to build customized solutions for many key industries, including: Aerospace & Defense; Automotive & Automotive Parts; Chemicals & Plastics; Food, Beverage & Agriculture; Financial & Business Services, General Manufacturing; Paper, Packaging & Forest Products; Steel & Diversified Metals; Technology; and Transportation & Construction. The industry-aligned approach also builds on Corporate Lending's experience as a leading provider of financial solutions for the retail industry and for companies in need of turnaround and restructuring finance.
About Corporate Lending
With $15 billion in assets, GE Commercial Finance - Corporate Lending is one of North America's largest providers of asset-based, cash flow and structured finance solutions for mid-size and large companies. From over 40 offices throughout the U.S. and Canada, Corporate Lending specializes in serving the unique needs of borrowers seeking $10 million to $1 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit gelending.com 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 $206 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. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.