GE Capital, the US lending firm headquartered in Norwalk, Connecticut, has completed $245 million in a variety of new deals with four companies, GE announced on Monday (20 October). The deals came from different branches of the firm and were not related to one another, a GE spokeswoman said.
The largest deal was a $120 million senior secured credit facility that GE Capital’s Healthcare Financial Services business provided to the Schumacher Group, one of the largest emergency medicine, hospital medicine, care management and medical billing companies in the US. The facility, for which GE acted as an administrative agent, consists of a $40 million revolving credit facility and an $80 million term loan which will be used to refinance existing debt and to fund corporate growth. GE Capital Markets served as joint lead arranger and joint book runner in the facility. The company is based in Lafayette, Louisiana.
GE Capital is also providing a $50 million credit facility to Bird Electric Enterprises, an electrical services provider in Eastland, Texas. The company specializes in low, medium and high voltage electrical services to major oil, gas and power companies operating across the Permian Basin in western Texas and southeastern New Mexico. The facility will be used for general working capital and to support a majority investment by 22.214.171.124, a private investment and acquisitions firm, according to a statement from GE.
Meanwhile, GE Capital’s Franchise Finance group also announced that it has issued a $45 million term loan to Bennett Hospitality, a Charleston, South Carolina, hotel group that operates 16 hotels in the South under the Hilton and Marriott brands. The money will be used to refinance two hotels, and a parking garage in the historic district of Savannah, Georgia.
Another recent facility was a $30 million senior secured working capital loan from the lender's Commercial Distribution Finance business to Venture Technologies, a newly formed combination of three-value-added IT resellers. The debt was taken on to support the company’s expected growth.
Venture Technologies was formed by the merger of GKR Systems, with Information Systems Consulting, and its acquisition of Strategic Allied Technologies. The new company will be based in Ridgeland, Mississippi, with a staff of 205 and an estimated $150 million in annual revenues.