NORWALK, Conn.--(BUSINESS WIRE)--Nov. 21, 2005--GE Commercial Finance - Global Media & Communications announced today that it has become the administrative agent and co-lender for a $335 million financing facility to NextMedia Operating, Inc. GE Capital Markets served as joint lead arranger and co-syndication agent for the transaction, which closed on November 15, 2005.
NextMedia is a diversified out-of-home media company headquartered in Denver, Colorado. The Company owns and operates 59 radio stations in 11 markets throughout the United States, as well as more than 5,300 bulletin and poster displays.
The financing will be used to refinance the company's existing $125 million senior secured revolving credit facility provided soley by GE, redeem up to $200 million of senior subordinated notes and to support future acquisitions.
"We are very pleased with the extremely favorable pricing and structure that GE has provided in this transaction," stated Steven Dinetz, president and chief executive officer, NextMedia. "Over the course of our long-term relationship, GE has provided increased credit availability to NextMedia and continued to meet our financing needs."
Garret Komjathy, senior vice president, GE Commercial Finance - Global Media & Communications noted, "Our experience working with NextMedia and our in-depth knowledge of this sector allowed GE to structure an aggressively priced and favorable financing solution that should enable the company to continue its growth."
About GE Commercial Finance - Global Media & Communications
With $6.3 billion in assets and offices in Atlanta, Chicago, London, New York, Norwalk, San Francisco and resources in Asia-Pacific, GE Commercial Finance - Global Media & Communications represents a "one-stop" source for the comprehensive range of GE's lending and other structured financial services offered to the telecommunications, media, technology and entertainment marketplace. gegmc.com.
About Capital Markets
GE Capital Markets represents an integrated capability for the structuring and distribution of syndicated financings across the full range of GE's financing businesses, providing support for transactions up to $2 billion. Capital Markets professionals are located in New York City, Chicago, London, and Stamford and Norwalk, Connecticut.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $232 billion and is headquartered in Stamford, 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. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.
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Mark Prindle, 212-691-5860
Jeff Wilson
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