NORWALK, Conn.--(BUSINESS WIRE)--Aug. 22, 2005--GE Commercial Finance Global Media & Communications announced today that it has provided a $70 million financing facility to Charlotte, NC-based Bahakel Communications. GE served as administrative agent and sole lender for the transaction, which closed August 3, 2005.
Bahakel Communications is a privately-held multimedia company engaged in three principal businesses: television broadcast, radio broadcast and cable operations. The financing takes the form of a $7MM revolver and $63MM term loan, and replaces an existing facility provided by GE in 2003.
"We appreciate GE's depth of insight into our diverse business lines," said Beverly Poston-Bahakel, executive vice president. "They have been a valued partner in helping to meet the company's financing needs throughout our growth cycles."
"We are pleased that Bahakel Communications appreciates the value of GE's media industry expertise and ability to value media assets," said Tim Huban, managing director, media, GE Global Media & Communications. "We look forward to future opportunities to leverage our industry knowledge on behalf of this multimedia company."
About GE Commercial Finance Global Media & Communications
With nearly $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 telecommunications, media, technology and entertainment marketplace. For more information, please visit www.gegmc.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 $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.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
or
TorranceCo
Mark Prindle, 212-786-6132
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340