TORONTO, June 13, 2013 /CNW Telbec/ - GE Capital, Canada announced it served as administrative agent on a $66 million senior secured credit facility for Van-Rob Inc. ("Van-Rob"). Van-Rob, a leading global Tier One automotive parts manufacturer, will use the proceeds to refinance an existing term loan, support capital expenditure needs, provide working capital, and for other general corporate purposes. GE Capital, Canada also served as lead arranger of the lenders' syndicate.
Founded in 1979 and headquartered in Aurora, Ontario, Van-Rob is a global industry leader in the design and manufacture of metal stampings, modular welded, structural welded and mechanical assemblies, and heat shields for thermal applications. It services the major automobile manufacturers from facilities located in Canada, the U.S., and Mexico.
"Through increased availability, this term credit facility will provide our company with additional flexibility to execute our strategic capital plan," said Dennis Berry, president and CEO of Van-Rob. "We appreciate GE Capital's confidence and support as we continue to implement our long-term growth strategies to position Van-Rob well for the future. We value having a lender that has automotive industry knowledge and the ability to support Van-Rob in the markets we serve."
"We are pleased to provide financial support to Van-Rob in reaching their business goals," said Peter Ringler, chief commercial officer of GE Capital, Canada. "We leverage our industry knowledge, expertise and financial capabilities in order to provide customers, such as Van-Rob, with customized and flexible credit facilities that help them concentrate on growing their businesses."
About GE Capital, Canada
With 19 offices throughout Canada, GE Capital (gecapital.ca) offers a wide variety of financial products and services to address commercial financing and fleet management needs in many phases of a business' lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our wealth of industry expertise to develop custom solutions for your company. Some of the industries in which we specialize include transportation, construction, manufacturing, aerospace, automotive, mining, energy, wholesale, retail, restaurant and hotel franchise financing.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital).
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
SOURCE: GE CAPITAL CANADA
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