GE Commercial Finance Corporate Lending today announced it provided a $100 million trade accounts receivable securitization to Rexnord Funding LLC, a leading supplier of power transmission and water management products. The financing will be used for working capital, general liquidity and to fund potential future acquisition activity.
Headquartered in Milwaukee, Wisconsin, Rexnord supplies power transmission products that include gears, couplings, industrial bearings, flattop, aerospace bearings and seals, industrial chain, and special components. Its water management products, sold primarily under the Zurn and Wilkins brand names, include specification drainage, water control, PEX and commercial brass.
“GE’s flexibility in structuring the financing provided us with the liquidity solution we were looking for,” said George Moore, CFO of Rexnord. “In addition, their ability to hold the entire facility resulted in a straightforward process without any delay in closing.”
“Working closely with Rexnord helped us tailor financing to meet their specific growth capital needs,” said Tom Quindlen, president and CEO of GE Corporate Lending. “Structured financing solutions, open access to capital and a thorough understanding of business objectives helps us provide clients with smarter capital.”
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. To view a brief video on Trade Accounts Receivable Securitization, visit www.gelending.com/Clg/http_stream/wiles_video/wiles_detection.htm.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $250 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: 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.