GE Capital, Salus Capital Arrange RadioShack Refi
GE Capital, Corporate Retail Finance announced it is serving as administrative and collateral agent on a $585 million senior secured credit facility for RadioShack. The facility was provided alongside an additional $250 million secured term loan facility arranged by Salus Capital Partners. The combined proceeds of $835 million will refinance existing debt and provide additional liquidity as the company engineers a comprehensive operational turnaround.
GE Capital Markets served as joint lead arranger and joint bookrunner.
“We know how to help companies realize their full borrowing potential,” said Jim Hogan, senior managing director, GE Capital, Corporate Retail Finance. “We have a long history of providing retailers with the capital they need to execute their business plan.”
“We are pleased to have GE Capital as a strategic lender and the financial flexibility this new facility provides RadioShack,” said Joseph C. Magnacca, CEO of Radio Shack. “GE Capital’s expertise in retail finance was important in structuring and arranging this new financing and providing us with maximum liquidity.”
Fort Worth, TX-based RadioShack is a national retailer of mobile technology products and services, as well as products related to personal and home technology and power supply needs.