GE Capital Co-Leads Asset-based Credit Facility for Kumho Tire U.S.A.

Thu. September 10, 2009; Posted: 11:52 PM

Sep 11, 2009 (Close-Up Media via COMTEX) -- KMHTY | Quote | Chart | News | PowerRating -- GE Capital, Corporate Finance announced it is administrative agent for a $151 million asset-based credit facility to Kumho Tire U.S.A., Inc., the U.S. distributor of South Korea-based Kumho Tire Co., Inc.

GE Capital Markets served as co-lead arranger. The loan will be used for working capital needs.

Founded in 1975 and headquartered in Rancho Cucamonga, CA, Kumho Tire U.S.A. is the U.S. distribution arm of Kumho Tire Co., the Seoul, South Korea manufacturer and distributor of tires for passenger cars, trucks and other vehicles.

"GE Capital has served Kumho since 2006 and they are extremely knowledgeable about our business and the automotive marketplace at large," said J. B. Kim, president and CEO of Kumho Tire U.S.A. "GE's significant financial commitment helps us meet our day-to-day working capital needs."

"We specialize in working with clients to understand the challenges and opportunities in key sectors such as automotive," added Tom Quindlen, president and CEO, GE Capital, Corporate Finance. "This knowledge helps us provide clients with smarter liquidity to support their business plans."

GE Capital, Corporate Finance is a provider of asset-based, cash flow and structured loans and leases for mid-size and large U.S. businesses.

GE Capital offers consumers and businesses around the globe an array of financial products and services.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

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