NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance's Media, Communications & Entertainment business announced today it has closed a $47 million senior secured debt financing for Long Lines, a leading communications provider of voice, data, video and wireless services to communities throughout the Midwest. The facility will be used to fund an ongoing expansion of the company's GSM wireless network.
GE Commercial Finance served as administrative agent for the transaction with GE Capital Markets acting as co-lead arranger and sole book runner for the deal, which closed on Sept. 26.
"GE has a deep understanding of the communications landscape, which will provide us with informed, flexible financing solutions that will help us meet our growth targets -- increasing our subscriber base and offering additional services like wireless to our existing and adjacent markets," said Jon Winkel, CEO of Long Lines.
This is the second credit facility GE has provided to Long Lines; a $30 million credit facility closed in July 2006.
"Long Lines has been a pioneer in offering a triple play of voice, data and video to its customers. The addition of wireless adds further value and ensures that their rural markets have the same access to competitive communications services the major U.S. metropolitan regions have enjoyed for some time," said Mark Bernier, managing director -- communications, for the GE business.
This year, GE's Media, Communications & Entertainment business has committed almost $570 million in financings to companies in the telecommunications sector, including a recently announced deal with Lightower.
About GE Commercial Finance -- Media, Communications & Entertainment
With over $8 billion in assets and offices in Atlanta, Chicago, Hong Kong, London, Los Angeles, New York, Norwalk and San Francisco, the Media, Communications & Entertainment business is a global strategic partner to the media, communications & entertainment 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. 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 $240 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. www.ge.com
About Long Lines
Long Lines provides the most up-to-date telephone, cable television, high-speed internet, and wireless features to customers in rural communities and urban centers in the Upper Midwest. Long Lines offers unique packages of telephone, television, internet, and wireless services to more than 100 communities in Iowa, Nebraska, and South Dakota. www.longlines.com
Contacts
GE Commercial Finance
Ned Reynolds,
203-229-5717
[email protected]
or
CJP Communications
Dawn Cabral Zinkewich,
203-378-1152 x147
[email protected]
or
Long Lines
Graham Gillette,
712-271-2000
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340