Norwalk, Conn. -- GE Capital announced it is administrative agent on a $550 million senior secured credit facility for Lord & Taylor, a leading North American retailer. The proceeds will be used to refinance debt, support ongoing working capital needs and for other corporate purposes.
GE Capital also provided the company with interest rate risk management products and services. GE Capital Markets served as joint lead arranger and book runner.
“The customer focus and retail expertise of the GE team is apparent,” said Michael Culhane, CFO for Lord & Taylor, which operates 49 stores and is a wholly owned subsidiary of Hudson’s Bay Company. “They worked hard to provide the right financing products and services to allow us to optimize our capital structure.”