Norwalk-based GE Capital has led a $316 million accounts-receivable securitization effort for software and information technology services company SunGard Data Systems Inc.
“For many borrowers, the combination of accounts receivable securitization and asset-based finance can be a smart supplement to their financing structure,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance.
According to Quindlen, the loan will be used for working capital needs and GE Capital Markets was sole lead arranger on the transaction.
“GE strives to help customers reach their business objectives with capital solutions customized to fit the market environment,” said Quindlen
Quindlen said the financing for SunGard, headquartered in Wayne, PA, is structured as an asset-based loan secured by certain trade accounts receivables. The facility may be increased to $500 million, subject to certain conditions.
“We appreciate GE”™s ability to provide a financing solution to meet our needs,” said Michael Ruane, chief financial officer of SunGard.
