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GE SERVICES PROVIDES $275 MILLION REVOLVING CREDIT FACILITY FOR HERTZ CORPORATION
18 August 2007 - AZDEL
| Commercial Finance Fleet Services today announced the closing of a new $275 million 5-year revolving credit facility for Hertz Corporation, the largest general use car rental company in the world. GE Commercial Finance Fleet Services, which served as sole lead arranger and bookrunner for the facility and led its syndication, also will serve as administrative agent. Proceeds of the financing, primarily will be used to acquire, finance and refinance vehicles for the company’s car rental business. |
Commercial Finance Fleet Services today announced the closing of a new $275 million 5-year revolving credit facility for Hertz Corporation, the largest general use car rental company in the world. GE Commercial Finance Fleet Services, which served as sole lead arranger and bookrunner for the facility and led its syndication, also will serve as administrative agent. Proceeds of the financing, primarily will be used to acquire, finance and refinance vehicles for the company’s car rental business. “Our new partnership with Hertz Corporation is significant on several fronts,” said Kathy Marinello, GE Commercial Finance Fleet Services President and CEO. “First, we value the opportunity to work with a premier company. Second, we see the growth potential in the auto rental industry and believe we are uniquely equipped to help companies like Hertz capitalize on this potential. And finally, we see the quality of opportunities in this space as a strong affirmation of our commitment to leverage our expertise to support the rental vehicle financing market.”
http://www.ge.com
About: AZDEL
AZDEL, Inc. is a joint venture of GE Advanced Materials and PPG Industries. The AZDEL business was established in 1972 by PPG, and the 50/50 joint venture was set up with GE in 1986. AZDEL is a global leader in the manufacture and supply of high-performance composite materials serving a wide variety of markets and industries including automotive, transportation interiors, large truck, materials handling, heating, ventilation and air conditioning (HVAC), and building and construction. * AZDEL and VolcaLite are trademarks of AZDEL, Inc., a 50/50 joint venture of General Electric Company and PPG Industries. |
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