GE Capital Canada, the Canadian subsidiary of General Electric Company (GE - Free Report) , recently served as the administrative agent for a $66 million-worth senior secured credit facility for Van-Rob Inc. The debt financing will augment Van-Rob’s liquidity and working capital requirements to fuel further growth.
Since its inception in 1979, Van-Rob has evolved as a premier designer and manufacturer of automotive parts for leading global players in the industry such as General Motors Company (GM - Free Report) , Ford Motor Co. (F - Free Report) and Daimler AG (DDAIF - Free Report) . Headquartered in Aurora, Ontario, the company’s product portfolio includes metal stampings, modular and structural welded assemblies, mechanical assemblies and heat shields for thermal applications in vehicles.
Van-Rob is likely to utilize the credit facility to refinance its existing term loan to reduce interest costs. In addition, the debt financing also increases its financial flexibility and supports its capital expenditures to remain competitive in the industry with continuous research and development initiatives.
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. With 19 offices across the country, GE Capital Canada works diligently to meet the diverse commercial financing and fleet management requirements of varied industries such as automotive, transportation, construction, manufacturing, aerospace, mining, energy, wholesale, retail, and restaurant.
General Electric currently has a Zacks Rank #3 (Hold).