NORWALK, Conn.--10 November 2008-- GE Commercial Finance's Media, Communications & Entertainment business today announced it is acting as administrative agent in a $52.5 million senior secured credit facility to Lightower, a provider of digital fiber networks in the Northeast. GE Capital Markets, Inc is acting as joint bookrunner and joint lead arranger on the facility. Lightower is owned by management, M/C Venture Partners and Wachovia Capital Partners.
The facility will be used, in part, to refinance Lightower's $250 million senior secured credit facility in conjunction with the sale of Light Tower Wireless LLC, the wireless infrastructure subsidiary of Lightower, to SBA Communications Corporation (NASDAQ: SBAC). It will also provide Lightower with availability to meet future growth needs.
"We are pleased to have executed a credit agreement in an extremely challenging credit market thanks to GE's deep industry knowledge and the support of all of our lending providers," said Robert Shanahan, CEO, Lightower.
"Lightower and GE have a strong relationship and we are happy to continue to support the company as it takes the next step in its growth," said Mark Bernier, managing director, communications, GE Commercial Finance. "We have extensive experience with the metro fiber industry and the capital markets and are pleased to deliver a financing solution that helps position Lightower for continued success despite a difficult economic climate."
About GE Commercial Finance -- Media, Communications & Entertainment:
With nearly $10 billion in assets and offices in Atlanta, Chicago, Hong Kong, London, Los Angeles, Munich, New York, Norwalk (HQ), San Francisco, Singapore and Toronto, the Media, Communications & Entertainment business is a global strategic partner to these industries and the technologies that enable them. We bring GE's full resources and financial strength to each relationship, while delivering industry expertise and flexible financing solutions that maximize stakeholder value. For more information, visit www.geMCE.com
About GE Commercial Finance:
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $300 billion and is headquartered in Norwalk, 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. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
Ned Reynolds
GE Capital
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