GE Capital Provides ABL Facility to TowerJazz
TowerJazz, a global specialty foundry provider, announced that it has signed an asset-based credit line agreement with GE Capital to provide TowerJazz’s Nishiwaki facility with a credit line of up to approximately $50 million.
Loans to be obtained under this credit line will carry an interest of the higher of TIBOR rate or LIBOR rate plus 2.6% per annum and will be due for repayment in 2015. Availability under the credit line is calculated according to certain formulas set forth in the agreement and is capped at $30 million until June 2013.
Clark D. Griffith, senior vice president, GE Capital Japan, said: “We are pleased and excited to provide this asset-based loan agreement to TowerJazz and we look forward to supporting them as they achieve their strategic goals. GE Capital is one of the major providers of asset-based loans in the world and plans to grow its asset-based loan business in Japan and Asia Pacific.”