GE Capital’s Corporate Finance unit announced Monday that it served as sole lender for an $85 million asset-backed term loan to U-Haul, North America's largest do-it-yourself moving and storage operator. The loan will be used to refinance an existing securitization facility.
“With the recent uncertainty in the credit markets, we value and are very appreciative of GE’s responsiveness in developing an excellent financing solution which met all of our financing needs,” said Gary Horton, corporate treasurer of U-Haul.
"In today's environment, finding the right lender who understands your business has never been more important," said Tom Quindlen, president and CEO of GE Capital’s Corporate Finance unit. "We strive to work with borrowers to find the right financing solution so clients benefit from smarter liquidity.”
Funding was provided through GE Capital Corporate Finance's bank affiliate, GE Capital Financial Inc.
Founded in 1945, Phoenix, AZ-based U-Haul rents trucks and trailers, and offers self-storage rooms through a network of nearly 1,450 company-operated moving centers and approximately 14,500 independent U-Haul dealers. The company has the largest consumer rental fleet in the world, with over 101,000 trucks, 76,000 trailers and 34,000 towing devices.