STAMFORD, Conn.--(BUSINESS WIRE)--June 16, 2003--
Refinancing Includes $50 Million Revolving Credit Facility, $44.5 Million in Term Loans
GE Corporate Lending, a unit of GE Corporate Financial Services, has provided $94.5 million in financing for Arena Brands, a privately-held manufacturer and distributor of premium quality western and casual wear.
The funding comprised a $50 million revolving credit facility and $44.5 million in term loans, used to refinance existing bank loans and other corporate purposes.
GE Corporate Lending was the lead agent for this transaction, which closed on June 2.
About Arena Brands
Headquartered in Garland, Tex., Arena Brands is a privately held manufacturer and distributor of premium quality western and casual wear including headwear, footwear, clothing and accessories with exclusive rights to various popular brand names, including Stetson (headwear only), Resistol, and Lucchese as well as private label products. The Company sells primarily to the wholesale market, and also operates several retail outlets. Arena Brands operates four wholly owned subsidiaries. Hatco, Inc. makes western hats including Stetson, Resistol, and Charlie 1 Horse, as well as Dobbs dress hats. Lucchese produces the well-known Lucchese Classic, Lucchese 2000 and Lucchese 1883 hand made brand of boots. Arena also owns Imperial Headwear (golf and casual hats) and Montana Silversmiths (silver jewelry and western accessories).
About GE Corporate Lending
GE Corporate Lending offers financing to clients from middle-market companies to large corporations. Products and services include asset-based financing, cash flow lending and corporate restructuring. GE Corporate Lending is a part of GE Corporate Financial Services, a leading global provider of financing solutions for investment and non-investment grade companies - committed to supporting clients at all stages of the business cycle. For more information on the businesses and products of GE Corporate Financial Services, please visit www.gelending.com.
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CONTACT:
GE Corporate Financial Services
Ned Reynolds, 203/229-5717
or
TorranceCo
Eric Samansky, 212/521-5247