GE Corporate Lending Provides $197 Million Asset-based Credit Facility to Steve &...

Mon Mar 3, 2008 8:00am EST

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GE Corporate Lending Provides $197 Million Asset-based Credit Facility to Steve & Barry's(R)

NORWALK, Conn.--(Business Wire)--
GE Commercial Finance Corporate Lending today announced it
provided a $197 million asset-based credit facility to Steve &
Barry's, a national apparel and accessories retailer. The loan will be
used for ongoing working capital needs. GE Capital Markets arranged
the transaction.

   From more than 250 stores across the U.S., Port Washington, New
York-based Steve & Barry's offers private label and licensed apparel
for the whole family at bargain prices. Steve Shore and Barry Prevor
founded the company in 1985 selling discounted college apparel to
students from stores situated near U.S. universities. In recent years,
the company has attracted new shoppers by creating exclusive
collections with Sarah Jessica Parker, Venus Williams, Amanda Bynes,
Stephon Marbury and others.

   "With specialists in retail, GE quickly understood our growth
plans and structured a loan tailored to meet our working capital
needs," said Barry Prevor, co-founder and co-CEO of Steve & Barry's.
"GE's access to capital and ability to make significant commitments
also helped accelerate the financing process."

   "We're dedicated to meeting the unique capital requirements of
retailers," said Jim Hogan, managing director of GE Corporate
Lending's Retail group. "Providing smarter financing solutions to help
retailers compete in an ever-changing environment is our focus."

   Industry Specialization

   To better meet the unique financing needs of customers, GE
Corporate Lending has a team of Industry Leaders supported by
dedicated research analysts. These industry experts help build smarter
financing solutions for companies across key industries: Aerospace &
Defense; Automotive; Chemicals & Plastics; Construction; Food,
Beverage & Agribusiness; Financial & Business Services; Forest
Products; General Manufacturing; Metals and Mining; Retail; Technology
& Electronics; and Transportation.

   About 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. In addition, Access GE provides clients with access to GE
management best practices to improve business performance. Visit
www.gelending.com/clnews to learn more.

   About GE Commercial Finance

   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, Connecticut. 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. GE serves customers in more than 100 countries and employs
more than 300,000 people worldwide. For more information, visit
www.ge.com.

GE Corporate Lending, Norwalk
Jeff Wilson, 203-229-1887
jeffrey.wilson@ge.com
or
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
ned.reynolds@ge.com

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