GE backs McLarens refinancing

The group’s mid-market lending unit, GE Antares, has backed Altamont-owned claims management company McLarens Global with a $107m cross-border financing package.

GE Capital’s mid-market lending subsidiary, GE Antares, has provided a $107 million cross-border credit facility to McLarens Global to support a refinancing of the business according to a statement.

McLarens, a claims management and loss adjustment company headquartered in Atlanta, used the new credit facility to refinance senior debt, repay subordinated debt and provide flexibility for future acquisitions, it said. The company is owned by private equity firm Altamont Capital Partners.

The multi-currency, cross-border credit facility involved GE teams in the US and UK.

“GE Capital was able to deliver its cross-border capabilities and expertise on a complex transaction for McLarens and its private equity owner, Altamont Capital Partners,” said James Kenefick, senior managing director of GE Antares in a statement.

The UK team on the deal was led by Howard Sharp, head of UK originations and sponsor coverage of GE Capital. GE Capital Markets served as lead arranger and joint bookrunner on the facility.