GE Capital, Corporate Finance, an operating unit of
General Electric Company
), recently served as administrative agent for a senior secured
credit facility worth $250 million for
Neenah Enterprises, Inc.
). The debt financing will be executed to refinance the existing
debt of Neenah Enterprises and facilitate its working capital
requirements to fuel further growth.
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Located in Neenah, WI, Neenah Enterprises is a premier foundry
company in the U.S., manufacturing metal castings and steel
forgings that are used across municipalities for manhole frames,
lids, grates, trench castings, and decorative tree grates. The
company also offers various auxiliary services such as machining,
painting and heat treatment for the municipal and industrial
markets. Since its inception in 1872, Neenah Enterprises has
emerged as a leading manufacturer of metal castings worldwide
with a substantial market share in gray and ductile iron castings
and forged steel products.
Neenah Enterprises 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 Finance
provides 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
Honeywell International Inc.
), each carrying a Zacks Rank #2 (Buy).