NORWALK, Conn.--(BUSINESS WIRE)--Feb. 23, 2006--GE Antares Capital, a unit of GE Commercial Finance - Global Sponsor Finance, today announced that it has provided a $50 million senior debt credit facility to facilitate Audax Group's acquisition of Broadcast Electronics, Inc. ("BE"), a Quincy, Illinois-based leader in providing equipment and software solutions to the radio broadcast market. GE served as Lead Arranger for the transaction, which closed February 14.
BE products encompass program generation, audio and data management, inter-facility transport, and analog and digital (HD Radio & DRM) transmission. They are in daily use in more than 10,000 installations in over 90 countries. BE has developed significant, long-term relationships with large radio groups, government-operated networks, regulatory agencies and local, independent operations worldwide.
The financing consists of a $10 million five-year Revolving Credit Facility, a $14 million five-year Term Loan A, and a $26 million six-year Term Loan B.
"GE Antares has been an excellent partner for us," said Geoffrey S. Rehnert, Co-CEO of Audax Group. "They provide quick feedback and deliver consistently on terms and pricing, which is critical in today's middle market."
"The Broadcast Electronics deal is a great example of our efforts to deliver in both a reliable and flexible manner," said John Goodwin, Senior Vice President at GE Antares Capital.
About GE Antares Capital
GE Antares Capital is a unit of GE Commercial Finance - Global Sponsor Finance. With over $8 billion in assets, and offices in Boston, Chicago, London, New York, and San Francisco, GE Antares offers a "one-stop" source for GE's lending and other services offered to the private equity sponsor middle market. Visit www.geantares.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 $190 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 customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
or
TorranceCo, New York
Mark Prindle, 212-691-5860
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340