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News

GE provides $183-Million credit facility to leading retail drug store chain and distributor

AZDEL : 19 August, 2007  (Company News)
Commercial Finance, Corporate Lending today announced that its Retail Finance team has served as administrative agent on a $183-million credit facility for USA Drug, a leading family-owned retail drug store chain and distributor. The credit facility consists of a $177-million revolver and a $6-million term loan. GE Capital Markets acted as sole lead arranger on this facility.
Commercial Finance, Corporate Lending today announced that its Retail Finance team has served as administrative agent on a $183-million credit facility for USA Drug, a leading family-owned retail drug store chain and distributor. The credit facility consists of a $177-million revolver and a $6-million term loan. GE Capital Markets acted as sole lead arranger on this facility.

This was the second financing that GE has arranged for this growing drug store chain. The first financing was in 2004 when USA Drug acquired May’s Drug Stores and Med-X Drug Stores. GE -Corporate Lending’s retail portfolio has grown to $3.4 billion in the first three quarters of 2006, with $335 million committed to pharmacies.

“GE once again provided us with creative financing solutions to help us grow our business,” said Stephen LaFrance, Sr., chairman and chief executive officer of USA Drug. “In addition, the Access GE team helped us implement a customer-service enhancement program that significantly improved service and sales. In effect, this was a double-win for USA Drug.”

Exclusively for GE customers, Access GE or “At the Customer For the Customer,” is a complimentary program that helps improve business performance by sharing world-renowned GE processes and best practices.

Added Jim Hogan, managing director, GE ,Corporate Lending’s Retail Finance team, “GE’s relationship with USA Drug has evolved to meet the expanding needs of this growing chain. Customers can rely on us to move their business forward with both financial and intellectual capital.”
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