GE Capital Solutions, Global Electronics Services Announces JPY 48.4B Lead Agent Award

GE Capital Solutions, Global Electronics Services (GES), working under the GE Capital Leasing Corporation in Japan, today announced that it has been awarded a lead agent role on a JPY 48.4 billion (USD $411 million) senior secured 45-month term loan for Spansion Japan.

The loan will be used to help Spansion, the world's largest pure-play provider of Flash memory solutions, finance the expansion of its manufacturing capabilities, as well as re-finance its operating lease obligations. The deal is one of the first syndicated loans collateralized with semiconductor assets in the history of Japanese financial markets.

“The demand for greater memory, speed and processing power is fueling capital investments throughout the microelectronics industry,” said Roger Innes, president & CEO of GE Capital Solutions, Global Electronics Services. “In addition to helping a valued customer meet these demands and grow, today’s news is indicative of our ability and desire to finance larger transactions, leveraging both the capital markets and our global industry expertise.”

Spansion will use the funds to restructure existing debt in Japan and equip Spansion’s SP1 300mm fab in Aizuwakamatsu, Japan. With its SP1 fab, Spansion expects to be the only NOR Flash supplier producing Flash memory devices on 65nm 300mm wafers in the second half of 2007.

“GE Capital Solutions, Global Electronics Services’ ability to structure and successfully syndicate the first of its kind structured financing product in Japan, provides Spansion with a flexible and cost-effective financing to push forward as being the premier NOR Flash memory provider in the world,” said Dario Sacomani, executive vice president and CFO of Spansion Inc.

About GE Capital Solutions, Global Electronics Services

Headquartered in San Diego, California GE Capital Solutions, Global Electronics Services (GES), is a leading global expert in delivering customized financial and equipment management services to microelectronics manufacturers of semiconductor fabrication (FAB), automated test equipment (ATE), printed circuit board assembly (PCA) and flat panel display (FPD) equipment. For more information, visit www.geelectronicsweb.com.

GE Capital Solutions (www.ge.com/capitalsolutions) provides leasing, lending and capital investment products and services to help business customers grow. It has over $100 billion in assets, serves more than a million clients around the world and is headquartered in Danbury, 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.