GE Capital Provides $66MM Credit Facility to Van-Rob
GE Capital, Canada announced it served as administrative agent on a $66 million senior secured credit facility for Van-Rob, a global tier one automotive parts manufacturer. The company will use the proceeds to refinance an existing term loan, support capital expenditure needs, provide working capital and for other general corporate purposes. GE Capital, Canada also served as lead arranger of the lenders’ syndicate.
Founded in 1979 and headquartered in Aurora, Ontario, Van-Rob designs and manufactures metal stampings, modular welded, structural welded and mechanical assemblies, and heat shields for thermal applications. It services the major automobile manufacturers from facilities located in Canada, the U.S. and Mexico.
“Through increased availability, this term credit facility will provide our company with additional flexibility to execute our strategic capital plan,” said Dennis Berry, president and CEO of Van-Rob. “We appreciate GE Capital’s confidence and support as we continue to implement our long-term growth strategies to position Van-Rob well for the future. We value having a lender that has automotive industry knowledge and the ability to support Van-Rob in the markets we serve.”
“We are pleased to provide financial support to Van-Rob in reaching their business goals,” said Peter Ringler, chief commercial officer of GE Capital, Canada. “We leverage our industry knowledge, expertise and financial capabilities in order to provide customers, such as Van-Rob, with customized and flexible credit facilities that help them concentrate on growing their businesses.”