NORWALK, Conn.--(BUSINESS WIRE)--Aug. 29, 2005--GE Commercial Finance Global Media & Communications today announced that it has enhanced its relationship with private equity firm Arlington Capital Partners through two financings for Cherry Creek Broadcasting and its subsidiary Long Island Radio, LLC. Over the past several weeks, GE committed $15 million to a $40 million senior secured facility for Cherry Creek Broadcasting and served as Administrative Agent for a $6 million senior secured facility for Long Island Radio.
Arlington Capital Partners (www.arlingtoncap.com) is a Washington, DC-based private equity fund with over $700 million of committed capital focused on middle market buyout investment opportunities in growth industries including business services and outsourcing, aerospace/defense, IT and engineering services, media, education and training, and healthcare services.
"GE's industry expertise regarding diverse media platforms, with a particular focus on radio operations, has proved invaluable in helping us grow our business within this market sector," said Matt Altman, Principal, Arlington Capital Partners. "This GE unit's extensive experience in the broadcasting sector makes them a reliable and ideal financing partner."
Cherry Creek Broadcasting is an Arlington Capital Partners portfolio company that operates 32 radio stations in eleven Western U.S. markets. Long Island Radio is a wholly owned subsidiary of Cherry Creek and currently operates four radio stations in Long Island, NY.
"Arlington Capital Partners has a good track record and we look forward to continuing our relationship with them," said Richard Varalla, Senior Vice President, Media Origination, GE Commercial Finance Global Media & Communications. "Cherry Creek has an established management team with Joe Schwartz as CEO. Further, Long Island Radio chairman Peter Ottmar is a recognized industry leader and is one of our long-time customers."
About GE Commercial Finance Global Media & Communications
With nearly $5 billion in assets, offices in Atlanta, Chicago, London, New York, Norwalk, San Francisco and resources in Asia-Pacific, 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
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TorranceCo
Mark Prindle, 212/786-6132
Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340