GE Capital Renews and Extends Credit to Golfsmith
September 1, 2010
NORWALK, Conn. — GE Capital today announced it is providing a four-year extension of its $90 million asset-based revolving credit facility to Golfsmith (NASDAQ: GOLF), a specialty retailer. GE Capital has been a lender to Golfsmith since 2002.
“GE Capital’s retail industry expertise and its long relationship with us and with our principal owner, First Atlantic, were important factors in our decision to renew this facility with GE. We also value GE Capital’s willingness to hold the entire transaction.”
Headquartered in Austin, TX, Golfsmith is a 40-year-old specialty retailer of golf and tennis equipment, apparel and accessories. The company operates as an integrated multi-channel retailer through 76 stores across the United States, through golfsmith.com and through catalog distribution.
“With this new credit facility, we have a capital structure in place to fully support our growth strategy,” said Sue Gove, chief operating officer for Golfsmith. “GE Capital’s retail industry expertise and its long relationship with us and with our principal owner, First Atlantic, were important factors in our decision to renew this facility with GE. We also value GE Capital’s willingness to hold the entire transaction.”
“We’re pleased to be able to build on our eight-year relationship with Golfsmith as they continue on their growth path,” said Jim Hogan, senior managing director for GE Capital, Corporate Retail Finance. “Providing businesses with the capital they need to execute their business plan is our specialty.”
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