GE Provides $200-Million Asset-Based Loan to Severstal Warren
10/24/2008 - GE Commercial Finance Corporate Lending provides a $200-million asset-based credit facility to Severstal Warren for ongoing working capital needs.
GE Commercial Finance Corporate Lending has provided a $200-million asset-based credit facility to Severstal Warren, Inc., an indirectly owned subsidiary of OAO Severstal. The company will use the loan for ongoing working capital needs.
“Other Severstal entities in the U.S. are longstanding GE borrowers, so we have a lender who has in-depth knowledge of our business as well as broad expertise in the steel industry,” said Mark Yost, CFO for Severstal Warren. “In addition, GE’s ability to provide us with the full facility amount allowed us to quickly access and utilize the funds to help support our business strategy in North America.”
Warren, Ohio,-based Severstal Warren is an integrated flat-rolled steel producer with an annual raw steel capacity of 1.4 million tons. The company produces more than 185 grades of high-quality steel for use in applications including car bumpers, side-door intrusion beams, garden tools, golf club shafts, aircraft parts, and culvert for the construction industry.
“We remain focused on working closely with customers to provide smarter capital to help meet their business objectives,” said Tom Quindlen, President and CEO for GE Corporate Lending. “In today’s challenging credit markets, clients clearly benefit from GE’s industry expertise and experience lending through tough cycles.”
GE Corporate Lending has a team of Industry Leaders supported by research analysts to better meet the unique financing needs of businesses. These industry experts help build smarter financing solutions for companies across a range of key industries.
With $16 billion in assets, GE Commercial Finance Corporate Lending is one of North America’s largest providers of asset-based, cash flow, structured finance and other financial solutions for mid-size and large companies. From over 30 offices throughout the U.S. and Canada, GE Corporate Lending specializes in serving the unique needs of borrowers seeking $20 million to $2 billion and more for working capital, growth, acquisitions, project finance and turnarounds.
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $300 billion and is headquartered in Norwalk, Conn. GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.
