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GE COMMERCIAL FINANCE CORPORATE LENDING PROVIDES $173.5 MILLION IN FINANCING TO U. S. STEEL
24 March 2006 - AZDEL
| The financing commitment from GE Commercial Finance is part of $600 million senior secured revolving loan facility, for which GE served as Co-Lead Arranger, Co-Syndication Agent and Co-Collateral Agent. GE Commercial Finance will hold its entire financing amount. The U. S. Steel facility, which replaced an existing loan facility, closed on October 22nd. |
The financing commitment from GE Commercial Finance is part of $600 million senior secured revolving loan facility, for which GE served as Co-Lead Arranger, Co-Syndication Agent and Co-Collateral Agent. GE Commercial Finance will hold its entire financing amount. The U. S. Steel facility, which replaced an existing loan facility, closed on October 22nd.
"Our intent in this transaction was to structure a facility that reflects our company's strong financial profile and provides enhanced flexibility while addressing our ongoing capital requirements," said Larry Brockway, U. S. Steel Vice President & Treasurer. "GE's commitment helped us meet all our goals."
With domestic and European operations, U. S. Steel is the largest fully-integrated steel producer headquartered in the United States.
GE Commercial Finance Corporate Lending offers financing to clients from middle-market companies to large corporations. Corporate Lending's industry specific financing capabilities include a 10-person, dedicated metals underwriting team, with more than 25 global metals industry relationships, including integrated mills, mini-mills, service centers, non-ferrous products companies, and producers of alloys, tube and forgings. Currently, Corporate Lending has nearly $2 billion in outstanding commitments to the steel industry.
"GE Commercial Finance has a deep understanding of this industry's fundamental characteristics and needs, both historic and emerging," said Mark Smith, senior vice president and marketing leader, Metals Finance. "Our comfort with this industry is evidenced by our consistent willingness to provide and hold significant financing commitments, as in the U. S. Steel transaction. Our firm intent is to remain an ongoing and highly active source of flexible capital for this very dynamic industry sector."
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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