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| A monthly eNewsletter on leveraged finance | October 2008 |
In this issue
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The current credit market suggests that conditions will become significantly more challenging for acquirers in the immediate future. Of course, even in tough times companies will continue to make acquisitions. However, today’s difficult financial environment will put added pressure on companies to succeed. The good news, however, is that there are some companies that have proven how to continually succeed at M&A. A recent KPMG study takes a closer look at the 5 common best practices of these companies and examines the most meaningful differences between the M&A teams that are consistently successful and the rest of the market.
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| Market Minute – Impact of the Credit Crisis | Restructuring | |||||||||||||||
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Watch Rob McMahon,
Managing Director of Restructuring Finance at GE Corporate Lending, discuss how the declining number of active lenders, widening spreads and illiquidity in the capital markets
have impacted turnaround finance.  Watch video |
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| Done Deals | Recent Transactions | |||||||||||||||
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Sole Lender • $120,000,000 • Asset-Based Credit Facility Founded in 1957 in Portland Oregon, Columbia Forest Products is employee-owned with manufacturing facilities throughout the U.S. and Canada. Columbia’s decorative interior veneers and panels are used in high-end cabinetry, fine furniture, architectural millwork and commercial fixtures. The $120 million asset-based credit facility will be used to refinance existing debt and for ongoing working capital needs. |
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Lead Arranger • $175,000,000 • Plan of Reorganization Credit Facility Founded in 1953 in Knoxville, Tennessee, Goody’s is a moderately priced apparel retailer providing clothing and accessories for all ages. The company operates 287 stores, primarily within the Southeastern U.S. The loan was used to refinance the company’s debtor-in-possession (DIP) financing upon the company’s emergence from a Chapter 11 bankruptcy. In June, GE Corporate Lending also provided the company with a $175 million DIP credit facility. GE Capital Markets arranged both transactions. |
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| Capital Comic | © Randy Glasbergen | |||||||||||||||
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| Indices Watch | Trend Statistics | |||||||||||||||
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Index of Troubled Companies Reaches 5-year High Read the results of Kamakura Corporation's index of troubled global public companies which reached the highest level since May 2003.  Learn More |
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Conference Board: US Economy to Contract into ‘09 Find out why the Conference Board’s latest economic forecast predicts that negative growth rates for the U.S. economy this past quarter will continue into the first half of 2009. Learn More |
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Asset-Based Lenders Report 16.2 Percent Increase in New Credit Commitments Learn why this quarterly report from the Commercial Finance Association reports a 16.2 percent increase in new ABL credit commitments in the second quarter. Learn More |
| Find financing now at www.gelending.com | |
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Copyright © 2008 GE Commercial Finance. All rights reserved. “GE,” “General Electric Company,” “General Electric,” the GE Logo, and various other marks and logos used in this publication are registered trademarks, trade names and service marks of General Electric Company. You may reprint or forward this newsletter to others provided that it is reproduced or distributed in its entirety, including this disclaimer. For all other uses please contact Jeffrey Wilson. This publication provides general information and should not be used or taken as business, financial, tax, accounting, legal or other advice, or relied upon in substitution for the exercise of your independent judgment. For your specific situation or where otherwise required, expert advice should be sought. The views expressed in these articles reflect those of the authors and contributors and not necessarily the views of GE Corporate Lending or any of its affiliates (together, “GE”). Although GE believes that the information contained in this publication has been obtained from and is based upon sources GE believes to be reliable, GE does not guarantee its accuracy and it may be incomplete or condensed. GE makes no representation or warranties of any kind whatsoever in respect of such information. GE accepts no liability of any kind for loss arising from the use of the material presented in this publication.