Jun 8 2010
GE Capital, Corporate Finance today announced it is sole lender for a $75 million asset-based credit facility to Insteel Industries, Inc., a leading manufacturer of steel wire reinforcing products. The loan replaces an existing credit facility from GE and will be used to fund Insteel’s working capital, capital expenditure, general corporate and growth requirements.
Insteel Industries, Inc. (NASDAQ: IIIN) manufactures and markets prestressed concrete strand and welded wire reinforcement sold primarily to manufacturers of concrete products for nonresidential construction applications. Headquartered in Mount Airy, North Carolina, Insteel operates six manufacturing facilities located in Delaware, Florida, Kentucky, North Carolina, Tennessee and Texas.
“GE has been a strong supporter of Insteel over the past six years during what has been an increasingly volatile period in our markets,” said Michael C. Gazmarian, Vice President, Chief Financial Officer and Treasurer of Insteel Industries, Inc. “We value their industry expertise and ability to make significant financial commitments to support the achievement of our business objectives.”
"It starts with understanding client needs, their business and the steel industry at large," said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “Our metals specialists strive to structure smarter loans to maximize liquidity and flexibility for customers.”