GE Capital, Corporate Retail Finance, an operating unit of General Electric Company (GE), recently served as the administrative agent and the sole lender for a senior secured credit facility worth $300 million for Samuels Jewelers. The debt financing will be utilized by Samuels Jewelers for its working capital requirements to fuel further growth and refinance its existing debt.
Headquartered in Austin, TX, Samuels Jewelers has over 120 years of experience in offering contemporary and uniquely-styled fine jewelry items through its retail stores that are spread across the country as well as through online platform. The company focuses on quality shopping experience for customers and strives to provide the best value in terms of merchandise quality, price, and service through skilled associates.
Samuels Jewelers will primarily use the credit facility to increase its liquidity and refinance the debt to reduce interest burden. Moving forward, Samuels Jewelers further expects to benefit from the industry insight of General Electric to consolidate its business.
General Electric is one of the largest and the most diversified technology and financial services corporations in the world. 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 industrial products, the company serves over 100 million customers worldwide.
Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. GE Capital, Corporate Retail Finance provides senior secured loans to support the working capital requirements of retailers.
General Electric currently has a Zacks Rank #3 (Hold). Other players in the industry worth mentioning include LSB Industries Inc. (LXU), ITT Corporation (ITT) and Marubeni Corporation (MARUY), each carrying a Zacks Rank #2 (Buy).
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