Insteel Industries gets US$75M loan from GE Capital to fund working capital, expenditures, general corporate requirements
June 7, 2010
– GE Capital said Monday it is the sole lender for a $75 million asset-backed credit agreement with steel products maker Insteel Industries Inc.
The loan replaces an existing credit facility from GE Capital, and will be used to fund Insteel's working capital, capital expenditure, general corporate and growth requirements.
Insteel Industries manufacturers steel wire reinforcing products that are primarily sold to manufacturers of concrete products for nonresidential construction. The company is based in Mount Airy, N.C., with manufacturing plants in Delaware, Florida, Kentucky, North Carolina, Tennessee and Texas.
GE Capital is a unit of General Electric Co. Shares of GE slipped 8 cents to $15.62 in afternoon trading.
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