GE Capital today announced it led a $316 million accounts receivable securitization facility for SunGard Data Systems Inc., one of the world's leading software and information technology services companies.
The loan will be used for working capital needs. GE Capital Markets was sole lead arranger on the transaction.
The financing is structured as an asset-based loan secured by certain trade accounts receivables. The facility may be increased to $500 million, subject to certain conditions.
"We appreciate GE's ability to provide a financing solution to meet our needs," said Michael Ruane, CFO of SunGard.
"GE strives to help customers reach their business objectives with capital solutions customized to fit the market environment," said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. "For many borrowers, the combination of accounts receivable securitization and asset-based finance can be a smart supplement to their financing structure."