NORWALK, Conn.--(BUSINESS WIRE)--July 19, 2004--GE Commercial Finance Global Media & Communications announced today that it has arranged a $220 million senior debt facility for Cygnus Business Media, a leading, diversified business-to-business media company. The facility closed July 13.
With headquarters in Westport, Connecticut, Cygnus Business Media has a portfolio of over 200 media products reaching five million business professionals annually within 15 major markets. The company has four divisions -- Cygnus Publishing, Cygnus Expositions, Cygnus Interactive, and Cygnus Custom Marketing -- with offerings including leading business publications, tradeshows, conferences, websites, online products, and custom marketing capabilities.
GE Commercial Finance committed to and underwrote two thirds of the facility with Union Bank of California underwriting the remainder. "Cygnus has delivered exceptional performance during a very challenging period for business-to-business media companies," said Paul Mackler, President and Chief Executive Officer, Cygnus Business Media. "GE offered us a highly competitive, cost effective approach to leveraging our performance."
"Cygnus is distinguished in the B2B media industry via its highly experienced management team, well diversified portfolio and revenue base, and strong customer orientation," said Peggy Koenig, ABRY Partners LLC, a private equity investor in Cygnus. "The financing illustrates GE's recognition of Cygnus' superior fundamentals as well as strong operating results."
"The publishing industry is a primary and long-established focus for our group, and our efforts on behalf of Cygnus represented a significant opportunity to apply our deep knowledge of this sector," said David VanderLugt, Senior Vice President, Global Media & Communications. "We are pleased to have designed and delivered a financing solution so well fitted to Cygnus' needs and goals."
About GE Commercial Finance Global Media & Communications
With over $6 billion in assets and offices in Atlanta, Chicago, Delhi, London, New York, Norwalk, and San Francisco, Global Media & Communications represents a "one-stop" source for the comprehensive range of GE's lending and other structured finance services offered to the media, communications, and technology industries. Key segments include radio and television broadcasting, cable, entertainment, movie theatres, outdoor advertising, publishing, technology, towers, wireless, and wireline. GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $220 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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