GE SeaCo secures financing agreements

GE SeaCo SRL, one of the world’s largest container leasing companies, has completed securing a number of financing agreements totaling $575 million. The loans support GE SeaCo’s growth plan for 2008 and 2009, and will be used to invest in new equipment to meet customer needs. The company expects to conclude more financings later in 2008 to fund additional container purchases.

Financing agreements included a renewed and expanded $250 million conduit facility with Wachovia, supported by Ambac Assurance Corporation; a $250 million syndicated five-year term loan led by Scotia Capital and NIBC Bank N.V. that was upsized to meet demand; and a $75 million, three-year revolver with Fortis.

The financings are more good news for GE SeaCo alongside the recent agreement between its parent companies General Electric Capital Corp. and Sea Containers Ltd., to settle outstanding conflicts between the parties.

GE SeaCo operates a fleet of about 930,000 TEU for customers in more than 80 nations. Formed in 1998 by Sea Containers Ltd and the General Electric Capital Corp., GE SeaCo SRL operates as a stand-alone business, with headquarters in Barbados and 13 sales and support offices worldwide.

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