GE Corporate Lending Provides $300 Million Asset-Based Credit Facility to Lord & Taylor

Business Wire, Feb 26, 2008

NORWALK, Conn. -- GE Commercial Finance Corporate Lending today announced it provided a five-year, $300 million asset-based credit facility to department store retailer, Lord & Taylor. The loan will be used for working capital needs, in-store improvements and other general purposes. GE Money also provides the company with private label credit cards.

Based in NY, Lord & Taylor was founded in 1826 and is America's oldest department store. The company sells its merchandise through 47 Lord & Taylor stores located throughout the Northeastern U.S. and through its website.

"The GE team demonstrated a true understanding of the challenges and opportunities upscale specialty store retailers are facing," said Michael Culhane, executive vice president and CFO for Lord & Taylor. "GE provided the entire credit facility offering more favorable terms than available under the existing bank group arrangements."

"Meeting the unique capital requirements of retailers is one of our core competencies," said Jim Hogan, managing director of GE Corporate Lending's Retail group. "In addition to business finance, retailers often find value in GE's private label credit cards, lighting solutions, security systems and more."

Industry Specialization

To better meet the unique financing needs of customers, GE Corporate Lending has a team of Industry Leaders supported by dedicated research analysts. These industry experts help build smarter financing solutions for companies across key industries: Aerospace & Defense; Automotive; Chemicals & Plastics; Construction; Food, Beverage & Agribusiness; Financial & Business Services; Forest Products; General Manufacturing; Metals and Mining; Retail; Technology & Electronics; and Transportation.

About GE Corporate Lending

With $14 billion in assets, GE Commercial Finance Corporate Lending is one of North America's largest providers of asset-based, cash flow, structured finance and other financial solutions for mid-size and large companies. From over 30 offices throughout the U.S. and Canada, GE Corporate Lending specializes in serving the unique needs of borrowers seeking $20 million to $2 billion and more for working capital, growth, acquisitions, project finance and turnarounds. In addition, Access GE provides clients with access to GE management best practices to improve business performance. Visit www.gelending.com/clnews to learn more.

About GE Commercial Finance

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $300 billion and is headquartered in Norwalk, 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. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.

About Lord & Taylor

Lord & Taylor is an upscale specialty department store with 47 stores in nine states and the District of Columbia. Lord & Taylor has built a reputation for attentive customer service and high-quality merchandise focused on apparel and accessories. Founded in 1826, Lord & Taylor is America's oldest department store and one of America's premier retailers. For more information please go to www.lordandtaylor.com.