GE Corporate Lending Provides C$150 Million Cash Flow Credit Facility To Meridian Technologies, Inc.
NORWALK, Conn. & TORONTO--GE Commercial Finance Corporate Lending, Canada today announced it provided a C$150 million cash flow credit facility to magnesium auto parts manufacturer Meridian Technologies, Inc. The loan will be used for working capital needs and to support the purchase of Meridian by a consortium of investors led by Estatia A.G., a Swiss holding company. GE Capital Markets arranged the transaction. GE also provided interest rate risk management products and services.
Based in Ontario, Canada, Meridian designs, engineers and manufactures high quality magnesium die cast components for the automotive market globally.
“Because of their automotive industry specialization and manufacturing heritage, GE has a keen sense of both the challenges and opportunities facing suppliers today,” said Patrick Rooke, Vice President Finance for Meridian. “In addition to financing, we leveraged Access GE to gain insight on how GE goes to market in developing economies to help us think strategically about our growth plans.”
Exclusively for GE clients, Access GE is a program that provides access to world-renowned GE management best practices that can help improve business performance.
“Regulation and consumer demand for better fuel economy is driving the increased use of lighter auto parts material,” said Beth Brockmann, Automotive Industry Leader, GE Corporate Lending. “Magnesium is a lightweight, relatively cost efficient material and has additional manufacturing advantages that bode well for specialty suppliers.”
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 work closely with GE Corporate Lending’s regional teams to build customized financing solutions for companies across key industries: Aerospace & Defense; Automotive & Automotive Parts; Chemicals & Plastics; Construction; Food, Beverage & Agribusiness; Financial & Business Services; Forest Products; General Manufacturing; Metals and Mining; 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. Visit www.gelending.com/clnews 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 $233 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 customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.