Daily News: May 20, 2013

GE Antares Provides $89.5MM to Support EDAC Acquisition

GE Antares, a unit of GE Capital, announced it is serving as administrative agent for an $89.5 million senior credit facility to support Greenbriar Equity Group’s acquisition of EDAC Technologies. Capital Markets acted as joint lead arranger and sole bookrunner.

“We view GE Antares as an excellent choice to lead our debt financing for EDAC Technologies,” said Rob Wolf, director at Greenbriar Equity. “GE Antares has a great understanding of the debt financing markets, ensuring superior execution, and through their Access GE program they can help us tap into GE’s deep knowledge and experience in the aerospace market.”

EDAC is a U.S.-based company with headquarters in Cheshire, Connecticut. It has six diversified divisions in southern New England.

“We’re excited to be leading another financing for Greenbriar Equity and starting a relationship with EDAC Technologies,” said Douglas Cannaliato, managing director at GE Antares. “Greenbriar Equity has extensive aviation industry expertise resulting from their exclusive focus on the global transportation industry which we are confident will provide real value to EDAC Technologies’ already strong and experienced management team.”

EDAC Technologies is a diversified manufacturer of precision machined components, and supplier of tooling, spindle manufacturing and machine repair services, primarily for gas turbine engine applications in the commercial aerospace, military and industrial markets.