GE Capital, Corporate Finance (NYSE: GE) became administrative agent of $72.5 million of senior secured credit facilities to Permian Basin Materials LLC Jan. 8. Permian Basin Materials LLC is a new affiliate of WL Ross Co. LLC, GE Capital, Corporate Finance said the same day. The credit facilities will allow mining and concrete companies to be acquired, the company said. Overall, the acquisitions will support energy markets in the Basin, the company added.
The credit facilities will be used to back acquisitions of Crockett County Mining Ltd., Highland Concrete Co., and Wallach Concrete Inc., and for “ongoing work capital needs,” the company added. The company was lead arranger and book-runner on all the transactions, the company said.
Permian Basin Materials will own or lease 10 aggregates mine and 16 ready-mix concrete plants in the region, the company said. It will provide construction aggregates and concrete for the west Texas and southeast New Mexico Basin’s energy operations, the company said.
"We are pleased to support the exciting formation of Permian Basin Materials. We specialize in providing capital to help acquire and build middle-market companies," Bob McCarrick, chief commercial officer of lending at GE Capital, said.
"GE Capital has been a valued financing partner of ours for years . We value their industry knowledge, structuring expertise and excellent capital markets capabilities," Patrick Machir, senior vice president of WL Ross, said.
GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses.
GE Capital offers financial products and services to consumers and businesses worldwide.
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