GE Corporate Lending Provides $197 Million Asset-based Credit Facility to Steve &...
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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 firstname.lastname@example.org or GE Commercial Finance, Norwalk Ned Reynolds, 203-229-5717 email@example.com Copyright Business Wire 2008
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