CHICAGO--(BUSINESS WIRE)--GE Antares Capital and its sister business, GE Healthcare Financial
Services, today announced the closing as administrative agent of a $118
million senior secured credit facility to support the acquisition of The
Hygenic Corporation by Cortec Group Fund IV, L.P., a New York-based
private equity firm. GE Capital Markets served as sole lead arranger and
bookrunner.
The financing consisted of a $10 million senior secured revolving credit
facility, and a $108 million senior secured term loan. Proceeds were
used to provide financing for the acquisition of Hygenic, to refinance
existing indebtedness and for working capital needs.
The Akron, Ohio-based Hygenic Corporation is one of the leading
developers, manufacturers, and marketers of branded, consumable products
used for therapy, rehabilitation and professional wellness. Hygenic’s
products, which are manufactured in the U.S. and Malaysia, are marketed
under the brands Thera-Band®, Biofreeze®,
Dyna-Band®, Hygenic®
and Parabath®.
“Hygenic has strong brand recognition, a
unique portfolio of therapy and wellness products, and is led by an
outstanding management team,” said Ethan
Miller, Managing Director of GE Antares. “Cortec
Group is a long-term customer of GE Antares and we are pleased to be
able to lead this financing to support Cortec and Hygenic.”
David Schnadig, Partner at Cortec stated, “GE
Antares has showed us once again that they are flexible and creative
with their financing. Their responsiveness and reliability were
precisely what we needed for the acquisition of Hygenic. We hope to
continue to grow with both Hygenic and GE Antares in the years ahead.”
About Cortec Group
Cortec Group acquires high value-added, middle-market manufacturing,
distribution and service businesses that have leadership positions in
their market niches. Cortec Group manages approximately $750 million of
committed capital to acquire platform companies with enterprise values
of $30 million to $250 million and smaller follow-on acquisitions.
Additional information about Cortec Group can be found on the Internet
at .
About GE Antares Capital
GE Antares Capital is a unit of GE Commercial Finance - Global Sponsor
Finance. With over $8 billion in assets, and offices in Chicago,
London, Los Angeles, New York and San Francisco, GE Antares offers a “one-stop”
source for GE’s lending and other services
offered to middle market private equity sponsors. For more information,
visit the GE Antares website at .
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array
of financial products and services, has assets of over $233 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. 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
advanced materials, GE serves customers in more than 100 countries and
employs more than 300,000 people worldwide. For more information, visit
the company’s website at .
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1 comment:
Many first time credit users see the low monthly minimum payment and assume they can pretty much shop to their heart's content because they can afford the minimum.
The first thing to understand is that the credit companies are in the business of making money.
But there are secured credit card that doesn't have fees at all and also you are very secured for you cannot overspend to the limit of your credit line for you are only allowed to spend the amount you loaded unto your credit card.
It's an appreciative work on GE Antares part and i appreciate it a lot.
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