GE Corporate Lending Provides $150-Million Working Capital Line of Credit to KUMHO TIRE U.S.A.
NORWALK, conn.--GE Commercial Finance - Corporate Lending today announced that it provided a $150-million revolving credit facility to KUMHO TIRE U.S.A., INC., the U.S. distributor of South Korea-based KUMHO TIRE CO., INC.--a $2-billion global tire manufacturer. GE Capital Markets is the sole agent, bookrunner and administrative agent on the facility. The loan will be used for working capital needs.
“We selected GE as our financing partner because their team really understands the automotive sector and tailored the loan to best meet our liquidity needs,” said H.W. Kim, chief financial officer at KUMHO TIRE U.S.A. “GE‘s grasp of our corporate culture and its ability to literally speak our language helped facilitate the international aspects of the deal.”
Added Tom Quindlen, President and CEO, GE - Corporate Lending, “This financing was truly a collaborative effort between GE and KUMHO. Automotive Industry Leader Beth Brockmann's keen sense of the issues facing suppliers helped us provide KUMHO with ‘smarter capital’ to meet KUMHO’s business plans.”
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. The Industry Leaders work closely with GE Corporate Lending’s regional sales force to build customized financing solutions for companies across ten key industries: Aerospace & Defense; Automotive & Automotive Parts; Chemicals & Plastics; Food, Beverage & Agriculture; Financial & Business Services; General Manufacturing; Paper, Packaging & Forest Products; Steel & Diversified Metals; Technology; and Transportation & Construction. The industry-aligned approach also builds on GE Corporate Lending’s experience as a leading provider of financial solutions for the Retail industry and for companies in need of Turnaround and Restructuring Finance.
About KUMHO TIRE U.S.A, INC.
Based in Rancho Cucamonga, CA, KUMHO TIRE U.S.A., INC. is the U.S. distributor for South Korea-based KUMHO TIRE CO., INC., the 9th largest tire manufacturer in the world, with exports to more than 160 countries. Visit kumhotireusa.com for more information.
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 complimentary 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 $10 million to $1 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit gelending.com for more information.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $206 billion and is headquartered in Norwalk, Connecticut. 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 customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company’s website at ge.com.