GE Provides Facility for NLMK-Duferco Acquisition of Winner Steel
01/11/2008 - GE Commercial Finance Corporate Lending provides a $115-million asset-based credit facility to a joint venture between Novolipetsk Steel (NLMK) and Duferco Group for their acquisition of Winner Steel, now operating as Sharon Coating.
GE Commercial Finance Corporate Lending has provided a $115-million asset-based credit facility to support a joint venture in their acquisition of Winner Steel, Inc., which is now operating as Sharon Coating LLC.
With financing arranged by GE Capital Markets, the buyer—a joint venture between Novolipetsk Steel (NLMK) and Duferco Group—purchased Sharon, Pa., based Sharon Coating, which is one of the largest galvanized steel producers in the United States.
“GE’s extensive knowledge of the steel industry allowed them to quickly understand our needs and move swiftly to fund the loan,” said Bob Miller, CFO of the joint venture’s U.S. operations. “The financing provides our company with the financial flexibility and liquidity required to support our evolving business strategy.”
“Providing smart financing through an understanding of our clients and the industries in which they operate is our specialty,” said Greg Eck, Metals and Mining Industry Leader for GE Corporate Lending.
With $14 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 $250 billion and is headquartered in Norwalk, Conn. GE is Imagination at Work—a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.
