NORWALK, Conn.--(BUSINESS WIRE)--Sept. 13, 2004--GE Commercial Finance's Global Media & Communications business announced that it has arranged $95 million in senior secured financing for International Media Group, Inc. (IMG), a leading television broadcasting company targeting the Asian and Asian-American communities. The transaction closed September 9.
The $95 million facility is comprised of an $80 million term loan and a $15 million revolving credit facility, which will be used for working capital and to refinance existing debt. As administrative agent for the facility, GE Commercial Finance committed $50 million to the facility.
IMG owns and operates KSCI-TV (covering Los Angeles) and KIKU-TV (covering Honolulu), representing a strong market presence in the first and fifth largest Asian communities in the U.S., respectively. IMG airs and produces a variety of Asian and English language paid, syndicated, and local programming. IMG is majority owned by Leonard Green & Partners, a leading private equity firm located in Southern California.
"We appreciate the knowledge, experience, and commitment that GE's Global Media & Communications team brought to this transaction, which significantly enhanced our debt structure and provided essential, additional capital for our company's future initiatives," said Peter Mathes, CEO and president of International Media Group.
"The multi-cultural TV broadcasting sector is vibrant and growing, and our group welcomed the opportunity to leverage our experience for IMG," said David Harrington, senior vice president, Global Media & Communications. "We hope to be viewed as a valued financial services provider who can support IMG's plans to maintain and extend its success."
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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