GE Capital, Corporate Retail Finance, an operating unit of
General Electric Company
), recently served as administrative agent for a senior secured
credit facility worth $550 million for Lord & Taylor. The
debt financing will be executed to refinance the existing debt of
Lord & Taylor and facilitate its working capital requirements
to fuel further growth.
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Based in New York City, Lord & Taylor is a premier retailer
in North America. Founded in 1826, the company operates one of
the oldest specialty-retail department stores in the country with
49 retail outlets in the eastern U.S. and an online store. Lord
& Taylor is a wholly-owned subsidiary of Hudson's Bay
Company, the oldest continually operated company in North America
since its inception in 1670.
Lord & Taylor is likely to utilize the credit facility to
fuel both organic and inorganic growth. In addition, the company
will also use the debt financing transaction to reduce its
interest burden by refinancing its existing debt.
General Electric is one of the largest and the most diversified
technology and financial services corporations in the world. With
products and services ranging from aircraft engines, power
generation, water processing, and security technology to medical
imaging, business and consumer financing, media content and
industrial products, the company serves over 100 million
Its segments include Power & Water, Oil & Gas, Energy
Management, Aviation, Healthcare, Transportation, Home &
Business Solutions, and GE Capital. GE Capital, Corporate Retail
Finance offers asset-based, cash flow and structured loans to
support the working capital requirements of mid-size and large
firms. The company focuses on key sectors such as aerospace and
defense; automotive and transportation; chemicals and plastics;
construction and building products, corporate aircraft; energy;
food and beverage; manufacturing; marine; metals and mining;
paper, packaging and forest products; retail; and technology and
General Electric currently has a Zacks Rank #3 (Hold). Other
companies in the industry that are worth mentioning include
Compass Diversified Holdings
Honeywell International Inc.
), each carrying a Zacks Rank #2 (Buy).