GE Commercial Finance - Global Sponsor Finance Commits $138MM Secured Financing for Waddington North America, Inc

Business Wire, Feb 6, 2006

NORWALK, Conn. -- GE Commercial Finance - Global Sponsor Finance announced today that it will serve as Lead Arranger for a $138 million senior debt facility for Waddington North America, Inc. ("WNA"), a leading designer, manufacturer and marketer of high quality, plastic disposable tableware, and a portfolio company owned by Code, Hennessy & Simmons LLC ("CHS"). The facility closed on December 30, 2005.

WNA supplies restaurants, caterers and consumers with innovative rigid plastic food service disposables including premium tableware, cutlery and servingware. The Company also produces specialty and promotional drinkware, dessertware and various custom products.

GE - Global Sponsor Finance committed to $108 million first lien and a $30MM second lien facilities to replace existing debt. The facilities, which GE is syndicating to a new, group of relationship-oriented lenders, position the Company to continue the earnings recovery and growth at one division of WNA that underperformed following a major plant relocation in 2004.

"GE Global Sponsor Finance has led numerous important transactions for us and demonstrates an understanding of both our strategic goals as well as our portfolio financing needs", said Dan Hennessy, Partner at CHS. "With the successful refinancing of WNA, GE has again proven that it is tremendously responsive and supportive of CHS and our management team's plans for growth at WNA."

WNA has been a portfolio company of CHS since 2000. CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS has formed five private equity funds and currently manages over $2.5 billion of capital.

About GE Global Sponsor Finance

With over $8 billion in assets and offices around the world, GE Commercial Finance Global Sponsor Finance represents a "one-stop" source for the comprehensive range of GE's lending and other structured financial services offered to the private equity sponsor market. For more information, please visit www.gegsf.com

About GE Commercial Finance

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $190 billion and is headquartered in Stamford, Connecticut. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.