Daily News: January 9, 2012

GE Capital Provides $65 Million Asset-Based Facility to Navarro

GE Capital, Corporate Retail Finance announced it is administrative agent and sole lender on a $65 million asset-based credit facility for Navarro Discount Pharmacy, LLC, an Hispanic-owned community drug store retailer in the U.S. The financing will be used to refinance debt and for general corporate purposes.

Founded in 1960, Miami, FL-based Navarro Discount Pharmacy, LLC, is one of the largest Hispanic-owned retail drug chains in the U.S. with 30 stores in south Florida. Catering to the Hispanic market, Navarro’s stores feature an array of consumer goods including fragrances, electronics, health and beauty care, food and household products.

“GE Capital understands retailing and has a great deal of experience financing drug stores,” said Juan Ortiz, chief executive officer of Navarro Discount Pharmacy. “This allowed us to secure the right capital structure to help build our business.”

“Providing growth capital to retailers is one of our specialties,” said Jim Hogan, senior managing director, GE Capital, Corporate Retail Finance. “Working with clients to understand their needs and structuring smarter financing to fuel their plans is what we do.”

GE Capital, Corporate Retail Finance is a provider of senior secured loans to retailers, primarily in the U.S., to support working capital, growth, acquisitions and more.