NORWALK, Conn.--(BUSINESS WIRE)--March 22, 2005--GE Commercial Finance Global Media & Communications announced today that it has provided a $27 million senior credit facility for HCPro, Inc., a leading publisher and information services provider to the health care industry. GE Commercial Finance was the sole lender and administrative agent for the facility, which closed on March 4. The proceeds were utilized to refinance existing debt with additional capacity to fund acquisitions and working capital needs.
Based in Marblehead, Mass., HCPro, Inc. provides integrated information, education, training, and consulting products and services in the areas of healthcare regulation and compliance. The company provides need-to-know information products in a variety of formats and media, including newsletters, books, videos, audio conferences and training. In addition, the company provides seminars and consulting services through the The Greeley Company division. Riverside Company, Bariston Partners and management comprise the ownership of the company.
"GE Commercial Finance offered us a highly flexible and attractive credit facility to recapitalize the company and establish additional funding capacity, all of which was delivered with responsiveness and speed by the Global Media & Communications team," said Robert J. Fitzsimmons, managing partner, The Riverside Company.
"We were very impressed by GE's knowledge of our industry, attention to our needs, and commitment to working further with us as we seek to take advantage of our market's many opportunities in order to continue the growth of the company," said Bruce Guzowski, HCPro president and CEO.
"We're very excited to have established this financing relationship with HCPro," said David Harrington, senior vice president, media origination, Global Media & Communications. "Strong growth and an industry-leading platform have positioned HCPro to broaden their share of the growing healthcare information and compliance market, and we're looking forward to the opportunity to help the company realize this objective."
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
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.
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Ned Reynolds, 203-229-5717
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Jim Marren, 212-786-6133
Jeff Wilson
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