GE Capital Commits to $175 Million Credit Facility for Tensar
Tensar Corporation announced that GE Capital has provided an underwritten commitment for a restructured $175 million credit facility that is expected to close in April. GE will serve as the administrative agent for the facility, which extends the senior secured indebtedness of the company out until 2014. As previously announced, the senior secured lenders have provided a forbearance to accommodate the closing schedule.
“This commitment will provide Tensar the financial stability to focus on achieving our long-term revenue and profit growth objectives,” stated Don Meltzer, Tensar president & CEO. “We are delighted to be supported by GE Capital and our other existing lenders.”
Headquartered in Atlanta, Tensar Corporation is a full-service provider of specialty products and engineering services that offer innovative and cost-effective alternatives to traditional construction methods.