GE Capital is Co-collateral Agent on $1.65 Billion Asset-Based Credit Facility for SUPERVALU INC.
NORWALK, Conn.--(BUSINESS WIRE)-- GE Capital, Corporate Retail Finance today announced it is co-collateral agent on a $1.65 billion asset-based credit facility for SUPERVALU INC. (SVU), a leading national grocery and pharmacy retailer. The loan will be used for working capital needs and to refinance existing debt. GE Capital Markets served as joint lead arranger and joint bookrunner.
Based in Eden Prairie, Minnesota, SUPERVALU is one of the largest companies in the domestic grocery channel with annual sales of $35 billion. SUPERVALU serves customers across the United States through its network of more than 4,400 locations, which include traditional retail and hard discount stores, in-store pharmacies and independent stores. SUPERVALU has approximately 130,000 employees.
This financing will provide SUPERVALU with more financial flexibility as we execute our business turnaround. said Sherry Smith, executive vice president and chief financial officer of SUPERVALU INC.
We believe that effective capital solutions are built on sound financing structures as well as strategic insight into the retail business cycle, said Jim Hogan, senior managing director of GE Capital, Corporate Retail Finance. Our long-standing specialization financing mid-size and large retailers allows us to develop tailored solutions that support growth.
About GE Capital, Corporate Retail Finance
GE Capital, Corporate Retail Finance is a leading provider of senior secured loans to retailers, primarily in the U.S., to support working capital, growth, acquisitions and more. With Access GE, clients also benefit from access to GEs best practices. For more information, visit www.gelending.com/clnews or follow @GELendLease on Twitter.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit ge.com.
GE Capital, Corporate Retail Finance
Jeff Wilson, 203-749-6340
GE Capital, Americas
Ned Reynolds, 203-229-5717
Source: GE Capital, Corporate Retail FinanceCopyright Business Wire 2012