NORWALK, CT March 11, 2010, GE Capital, Corporate Finance today announced it served as sole lender for a $70 million cash flow loan to Dearborn, Mich.-based EP Management Corporation, a diversified holding company of industrial and automotive product manufacturers. The loan will be used to refinance debt and recapitalize the company.
EP Management, formerly doing business as EaglePicher Corporation, manages Wolverine Advanced Materials and EP Minerals. Founded in 1843, the company emerged from bankruptcy in 2006 with a portfolio of businesses. EP Management has successfully divested EaglePicher Technologies, EP Boron, EP Pharma and Hillsdale Automotive since their emergence.
"As a GE borrower for many years, we appreciate GE's ongoing commitment to provide capital to meet our evolving business needs," said Patrick Aubry, chief financial officer for EP Management. "With GE as our sole lender, this loan helped simplify our bank group and balance sheet."
"In today's slow growth environment, good companies are optimizing their balance sheets, focusing on financing and fueling their core business," said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. "Long-term customer relationships, in-depth industry knowledge and significant financial commitments mean smarter liquidity solutions for clients."
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