GE Antares Provides $80-Million Credit Facility for Liquid Colorant Company.NORWALK, Conn. -- GE Antares Capital today announced the closing of an $80-million credit facility, to support the acquisition of ColorMatrix Corporation ("ColorMatrix") by Audax Group ("Audax"). GE Capital Markets served as the sole lead arranger Lead arranger The senior tier of arranger for the credit facility. ColorMatrix, based in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. , with operations in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , and Asia, is the world's largest manufacturer of liquid color and additive concentrates for thermoplastic A polymer material that turns to liquid when heated and becomes solid when cooled. There are more than 40 types of thermoplastics, including acrylic, polypropylene, polycarbonate and polyethylene. products. ColorMatrix serves customers in the blow molding, industrial extrusion, and performance molding industries who manufacture beverage bottles, vinyl siding, vinyl pipe and other plastic products. The financing consists of both US and European credit facilities. Included in those credit facilities were $60-million of term loans and $20-million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facilities. GE Originations Bank SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. will serve as administrative agent for the European facilities. The company is well positioned to take advantage of the industry shift toward liquid colorants and additives for plastic processing. The financing supports a desire by Audax and management to continue a global growth strategy through organic expansion by penetrating new markets and introducing new products. In addition, ColorMatrix will pursue strategic add-on acquisitions both domestically and abroad. "We have worked with Audax on numerous financings, and value the relationship we have with the firm. This transaction features GE's ability to structure complex cross-border facilities quickly and reliably" said John Goodwin, Senior Vice President of GE Antares Capital. "Our in-depth knowledge of both domestic and international credit markets allowed for a seamless syndication of the facilities, as well as a flexible financing package for the company and Audax." About Audax Group Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Audax manages in excess of $2 billion in equity and mezzanine debt capital. For more information visit the Audax Group website http://www.audaxgroup.com About GE Antares Capital GE Antares Capital is a unit of GE Commercial Finance - Global Sponsor Finance. With over $8 billion in assets, and offices in Boston, Chicago, London, New York, and San Francisco, GE Antares offers a "one-stop" source for GE's lending and other services offered to the private equity sponsor middle market. Visit www.geantares.com. About GE Commercial Finance GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $190 billion and is headquartered in Stamford, Connecticut. GE (NYSE NYSE See: New York Stock Exchange : GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com. |
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