NORWALK, Conn.--(BUSINESS WIRE)--Aug. 25, 2004--GE Commercial Finance's Global Media & Communications business announced that it has co-arranged $197 million in senior secured financing for Inner City Broadcast Holdings, Inc., the leading radio broadcasting company focused on the African-American community. The transaction closed on August 13.
As administrative agent for the facility, GE Commercial Finance underwrote $118.2 million of the financing. Private equity firm Alta Communications also made a $41.2 million preferred equity contribution to the transaction. The financing will be used to, among other things, refinance existing senior debt and for general corporate purposes.
Based in New York City, Inner City Broadcast Holdings, Inc. is the largest African-American owned radio operator in the U.S. and the nation's 23rd largest radio company. It owns 17 stations in five large to medium-sized markets, including New York City and San Francisco. The flagship stations WBLS-FM, in New York, and KBLX-FM, in San Francisco, have operated under an Urban format since the early 1970's. Inner City was founded in 1971 and is majority owned by the Sutton family.
"GE's Global Media & Communications team provided a creative, aggressive approach that strengthens our financial platform for future strategic initiatives," said Pierre M. Sutton, chairman and CEO of Inner City Broadcast Holdings. "We look forward to an ongoing relationship with GE as we continue working to grow our company."
"The GE group played an indispensable role in structuring and enabling this transaction," said Andrew Mulderry, general partner, Alta Communications. "We are excited about Inner City and appreciate GE's commitment and creativity to enable the transaction."
"This agreement illustrates both our dedication to the radio broadcasting sector and our capacity for designing innovative solutions addressing unique client needs," said Wade Layton, senior vice president, Global Media & Communications. "We look forward to working with Inner City to help the company achieve its critical strategic objectives."
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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