By  on February 27, 2008

GE Commercial Finance Corporate Lending said Tuesday that it provided a five-year, $300 million asset-based credit facility to department store retailer Lord & Taylor to be used for working capital needs and other general purposes.

The agreement reflects a change in financing toward better interest rates while also revealing that there are willing lenders in the credit market, which tightened up following the collapse of the subprime mortgage sector. Last week, Hampshire Group Ltd. secured a similar loan from HSBC.

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