GE Capital has underwritten USD500m of European factoring and US asset-based lending facilities to support the future working capital requirements of Alcan Engineered Products, an aluminium products manufacturer. 

The financing supports the new joint venture company to be created by Apollo Management, Fonds Stratégique d'Investissement and Alcan’s current owner Rio Tinto.
 
The financing includes a EUR300m accounts receivable (factoring) facility in France, Germany and Switzerland, and a USD100m asset-based lending arrangement in the US. 
 
“The ability for one financial institution to structure and underwrite 100 per cent of the required working capital facilities was critical in the recapitalisation of AEP by Apollo and FSI,” says Richard Laxer, president and chief executive of GE Capital in EMEA. “This is a complex transaction and required us to deliver an integrated working capital solution across Europe and North America. Very few businesses have the scale, technology or capability to provide such a large cross-border solution and we are delighted to be able to assist Apollo, FSI and Rio Tinto in the creation of this joint venture.”