GE Capital is agent for $53 million credit facility to Portola Packaging

by LJ Miehe on September 23, 2010

Business Wire – GE Capital, Corporate Finance today announced it is administrative agent for a $53 million cash flow credit facility to Portola Packaging, Inc., a leading designer, manufacturer and marketer of tamper-evident plastic closures. The loan supports the company’s recapitalization. GE Capital Markets served as lead arranger.

Headquartered in Naperville, IL, Portola Packaging designs, manufactures and markets a full line of tamper-evident plastic closures and bottles for the beverage and food industries, as well as plastic closures and containers for the cosmetics industry. Portola is a portfolio company of Wayzata Investment Partners.

“GE’s ability to make a significant financial commitment to Portola helped us to make a considerable improvement in our capital structure,” said Glenn Fish, senior vice president and chief financial officer of Portola Packaging. “This new facility will provide us with greater flexibility and liquidity to execute our business plans and continue to improve our operational performance.”

“Meeting the capital needs of mid-sized companies is our specialty,” said Tom Quindlen, president and chief executive officer of GE Capital, Corporate Finance. “Whether supporting growth or turnarounds, we are providing businesses with the critical liquidity to execute their objectives.”

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