NORWALK, Conn.--(BUSINESS WIRE)--Feb. 22, 2005--GE Commercial Finance Global Media & Communications, as Administrative Agent, announced today that it has provided an $85 million senior secured credit facility for Mountain Union Telecom
GE Commercial Finance Capital Markets, as Lead Arranger, completed the syndication of this facility on February 14. The facility includes a $20 million revolver, a $35 million term loan, and a $30 million delayed-draw term loan. The deal was originally offered as $75 million, but was increased to $85 million due to oversubscription. Proceeds from the facility will be used, among other things, to finance future acquisitions and to provide working capital.
Headquartered in Alexandria, Va., Mountain Union Telecom owns, operates and manages tower sites serving the wireless telecommunications and broadcasting industries. The company has developed and acquired more than 240 tower facilities concentrated in four geographic clusters of the continental U.S. and Puerto Rico. Sansome Capital and Toronto Dominion Capital are equity sponsors of the company.
"Our relationship with GE Commercial Finance dates back to 2001, and their financing skill and creativity impress us more each year," said David Weisman, chief executive officer, Mountain Union Telecom. "This facility allows us greater freedom to grow both organically and through strategic acquisitions, and work toward our greatest potential as a company."
"We are pleased to have had the opportunity to arrange this financing solution on behalf of Mountain Union Telecom, demonstrating our depth of commitment to supporting the company's ongoing progress and success," said Mark Bernier, senior vice president, Global Media & Communications. "This transaction is strong evidence of our dedicated focus on the tower and telecommunication markets. To these sectors, we bring extensive industry knowledge and offer the requisite structuring and Capital Markets expertise for a responsive financing process."
About GE Commercial Finance Global Media & Communications
With over $5 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, leisure & 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. General Electric (NYSE: GE) is a diversified technology, media, and financial services company dedicated to creating products that make life better. For more information, visit the company's website at www.ge.com.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
or
TorranceCo
Jim Marren, 212-786-6133
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340