MONTREAL, June 1 /CNW Telbec/ - GE Capital today announced it provided a
C$130 million asset-based credit facility to The Brick Group Income Fund, one
of Canada's largest retailers of furniture, appliances and home electronics.
The loan will be used for recapitalization purposes. GE Capital Markets and GE
Capital Markets (Canada) Ltd. acted as sole lead arranger on the transaction.
In order to provide The Brick Group Income Fund with the smartest capital
solution possible, GE Capital's Canadian team partnered with GE's retail
corporate finance team to structure the financing.
Based in Alberta, The Brick Group Income Fund operates approximately 230
stores throughout Canada under the banners of The Brick, United Furniture
Warehouse, The Brick Superstore, The Brick Mattress Store and Urban Brick.
"We valued working with a lender who understands the dynamics of the
Canadian market and has extensive knowledge of the retail sector," said Nick
Bobrow, CFO for The Brick Group Income Fund. "GE delivered on their promise to
provide us with the increased liquidity and financial flexibility we were
"Canadian customers benefit from GE's local presence and access to its
global network of expertise," said Patrick Palerme, president and CEO of GE
Capital in Canada. "We have been offering financial solutions to Canadian
companies since 1986 and are commited to helping our customers meet their
business growth objectives."
"Our extensive retail finance knowledge allows us to quickly understand
the needs of our customers and structure the best financing solution
possible," said Jim Hogan, managing director of GE Capital Corporate Retail
Finance. "Retailers today must fully optimize the capital resources at their
disposal to meet the unique challenges and opportunities of the current
About GE Capital
With more than 20 offices throughout Canada, GE Capital (gecapital.ca) is
a leading provider of financial and fleet management solutions to businesses
operating in a broad range of economic sectors, including construction,
transportation, energy, manufacturing and retail. The business' customized
solutions include asset based working capital and term financing, cash flow
financing, corporate aircraft, franchise and fleet financing as well as
financial solutions and services to equipment manufacturers, fleet operators,
distributors, dealers and their end users.
GE Capital, Corporate Retail Finance specializes in providing senior
secured loans to retailers to support working capital, growth, acquisitions
and more. Visit gelending.com/clnews.
GE Capital offers consumers and businesses around the globe an array of
financial products and services. 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. For more information, visit the
company's Web site at ge.com.
For further information:
For further information: Marina Brzeski, Communications Leader, Canada,
(514) 713-5321, email@example.com; GE Capital, Corporate Retail Finance:
Jeff Wilson, (203) 229-1887, firstname.lastname@example.org; GE Capital, Ned Reynolds:
(203) 229-5717, email@example.com