NORWALK, Conn.--(BUSINESS WIRE)--July 11, 2005--GE Commercial Finance Global Media & Communications announced today that it has provided $170 million in senior secured financing as administrative agent for Sioux Falls, SD-based broadband communications company PrairieWave Communications, Inc. The facility will fund PrairieWave's acquisition of Black Hills FiberCom, a provider of convergent communications services to 10 markets in western South Dakota.
GE Commercial Finance Capital Markets, as sole lead arranger and bookrunner, completed the syndication of the facility, which closed June 30, 2005. The $170 million facility is comprised of a $60 million term A loan, a $60 term B loan, a $40 million second lien loan and a $10 million revolver.
PrairieWave Communications is a broadband communications company providing telephone, cable TV and Internet services in 34 markets in southeastern South Dakota, southwestern Minnesota and northwestern Iowa. The company's origins extend back to 1902 with the inception of the Hurley Telephone Company. Alta Communications and Bank of America Capital Investments serve as equity sponsors of the company.
"Having served as a lender to PrairieWave since 2002, GE Commercial Finance has a solid understanding of the various business segments within our company, which is not an easy task," stated Craig Anderson, chairman and chief executive officer, PrairieWave Communications. "This insight, along with a demonstrated flexibility, creativity and capital markets expertise, left no doubt in our minds that GE would deliver as promised."
"With this acquisition, PrairieWave will double in size, becoming the dominant broadband provider in its markets," said Mark Bernier, senior vice president, GE Commercial Finance Global Media & Communications. "We are very pleased to support the continued growth of a company that has built its reputation on state-of-the-art technology, exceptional customer service and a gifted management team."
About GE Commercial Finance Global Media & Communications
With over $4 billion in assets and offices in Atlanta, Chicago, Delhi, Hong Kong, London, New York, Norwalk and San Francisco, 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 media, telecom, entertainment and technology marketplace. For more information, please visit www.gegmc.com.
About GE Commercial Finance Capital Markets
GE Commercial Finance 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 $230 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 Web site at www.ge.com.
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Jeff Wilson
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