Norwalk, Conn. GE Commercial Finance Corporate Lending announced it provided a five-year, $300 million asset-based credit facility to Lord & Taylor. The loan will be used for working capital needs, in-store improvements and other general purposes. GE Money also provides the company with private-label credit cards.
“The GE team demonstrated a true understanding of the challenges and opportunities upscale specialty-store retailers are facing,” said Michael Culhane, executive VP and CFO for Lord & Taylor. “GE provided the entire credit facility offering more favorable terms than available under the existing bank group arrangements.”