GE Capital, Corporate Retail Finance recently announced it is serving as administrative and collateral agent on a $585M senior secured credit facility for RadioShack Corporation, a leading electronics retailer. The facility was provided alongside an additional $250M secured term loan facility arranged by Salus Capital Partners, LLC. The combined proceeds of $835M will refinance existing debt and provide additional liquidity as the company engineers a comprehensive operational turnaround. GE Capital Markets served as joint lead arranger and joint bookrunner on the $585M facility.
“We are pleased to have GE Capital as a strategic lender and the financial flexibility this new facility provides RadioShack,” said Joseph C. Magnacca, CEO of Radio Shack. “GE Capital’s expertise in retail finance was important in structuring and arranging this new financing and providing us with maximum liquidity.”
“We know how to help companies realize their full borrowing potential,” said Jim Hogan, senior managing director, GE Capital, Corporate Retail Finance. “We have a long history of providing retailers with the capital they need to execute their business plan.”
Based in Fort Worth, TX, RadioShack is a national retailer of mobile technology products and services, as well as products related to personal and home technology and power supply needs. RadioShack offers consumers an assortment of electronic products and services from leading national brands, exclusive private brands and major wireless carriers. RadioShack's retail network includes approximately 4,300 company-operated stores in the U.S., over 270 company-operated stores in Mexico, and approximately 1,000 dealer and other outlets worldwide.
About GE Capital, Corporate Retail Finance
GE Capital, Corporate Retail Finance is a leading provider of senior secured loans and equipment finance to U.S. retailers supporting growth, working capital, acquisitions, turnarounds and balance sheet optimization. Funding may be provided through GE Capital, Corporate Retail Finance’s affiliate, GE Capital Bank, Member, FDIC. With Access GE, clients also benefit from access to GE’s best practices to help build their business. For more information, visit gelending.com/clnews.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com.
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SOURCE: GE Capital, Corporate Retail Finance