No Credit Exposure Involved; Only Loan Administration Services
Provided to Lenders Financing Illinois-Based Manufacturer
Wilmington Trust, a leading provider of institutional trustee, agency,
and administrative services through its Corporate Client Services (CCS)
business, said today that it is serving as administrative agent to a
group of lenders, not extending credit, in a transaction that provides
financing to RathGibson Inc., an Illinois-based manufacturer which filed
for Chapter 11 protection in the United States Bankruptcy Court for the
District of Delaware on July 13, 2009.
Yesterday, news reports surfaced that may have led readers to believe
that Wilmington Trust is providing up to $80 million of
debtor-in-possession (DIP) financing to RathGibson. In fact, Wilmington
Trust represents the lenders exclusively as an agent providing loan
administration services, for which it is paid a fee. Wilmington Trust is
not a lender to RathGibson and has no credit exposure to the
manufacturing company. The RathGibson transaction has no effect on
Wilmington Trust’s balance sheet, credit quality, or financial
condition. Wilmington Trust’s commercial lending activities are focused
on privately held or family-owned companies in the mid-Atlantic region.
Wilmington Trust’s CCS business offers institutional trustee, agency,
asset management, retirement plan, and administrative services for
clients worldwide who use capital market financing structures, as well
as those who seek to establish or maintain nexus, or legal residency,
for special purpose entities. Because Wilmington Trust does not
underwrite securities offerings or provide investment banking services,
it is able to deliver corporate trust services that are conflict-free.
Wilmington Trust Corporation (NYSE:WL) is a financial services holding
company that provides Regional Banking services throughout the
mid-Atlantic region, Wealth Advisory Services for high-net-worth clients
in 36 countries, and Corporate Client Services for institutional clients
in 88 countries. Its wholly owned bank subsidiary, Wilmington Trust
Company, which was founded in 1903, is one of the largest personal trust
providers in the United States and the leading retail and commercial
bank in Delaware. Wilmington Trust Corporation and its affiliates have
offices in Arizona, California, Connecticut, Delaware, Florida, Georgia,
Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New
York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the
Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
Wilmington Trust
News Media
Bill
Benintende
Public Relations
302-651-8268
wbenintende@wilmingtontrust.com
or
Investors
and Analysts
Ellen J. Roberts
Investor Relations
302-651-8069
eroberts@wilmingtontrust.com
