GE Capital, Corporate Finance, an operating unit of General Electric Company ( GE ), recently served as administrative agent for a senior secured credit facility worth $250 million for Neenah Enterprises, Inc. ( NNHE ). The debt financing will be executed to refinance the existing debt of Neenah Enterprises and facilitate its working capital requirements to fuel further growth.
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 customers worldwide.
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 electronics.
General Electric currently has a Zacks Rank #3 (Hold). Other companies in the industry that are worth mentioning include Crane Co. ( CR ), and Honeywell International Inc. ( HON ), each carrying a Zacks Rank #2 (Buy).
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