GE Capital has led a $316 million accounts receivable securitization facility for SunGard Data Systems, a software and information technology services company. It has been reported that the loan will be used for working capital needs and 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. Tom Quindlen, president and CEO of corporate finance at GE Capital, said: GE strives to help customers reach their business objectives with capital solutions customized to fit the market environment. For many borrowers, the combination of accounts receivable securitization and asset-based finance can be a smart supplement to their financing structure.
Pennsylvania-based SunGard provides software and processing solutions for financial services, higher education and the public sector.