GE Capital, Corporate Finance announced it is agent for a $200 million asset-based credit facility to International Automotive Components Group North America Inc., a global automotive parts supplier. The loan will be used for working capital needs and to support growth and expansion efforts. GE Capital Markets served as sole lead arranger.
Headquartered in Dearborn, Mich., IAC is a Tier 1 automotive supplier of vehicle interior components and systems, including instrument panels, door modules, overhead systems, flooring and acoustic systems, cargo management and more.
“GE continued to support our business through the tough economic and auto industry environment of the past few years,” says Jeff Vanneste, chief financial officer of IAC. “This most recent financing from GE provides us with the capital we require to drive key business initiatives.”
“We’re able to support customers in good and challenging times because we understand their business needs and the industries in which they operate,” says Tom Quindlen, president and chief executive officer of GE Capital, Corporate Finance. “As the overall market slowly begins to improve, we’re providing an increasing number of customers with financing to help them grow and take advantage of market opportunities.”