NORWALK, Conn.--(BUSINESS WIRE)--Aug. 19, 2004--GE Commercial Finance Global Media & Communications announced today that it was named syndication agent for a $135 million senior debt facility for Wallace Theaters, a leading movie theater exhibitor. The facility closed August 9.
Based in Portland, Ore., Wallace Theaters manages 54 movie theaters representing more than 450 screens and operates in 12 states and the Pacific Rim.
GE Commercial Finance committed $20 million to the facility, which the company will use to refinance existing debt and to construct additional stadium theaters. "We appreciate GE Commercial Finance's commitment to Wallace Theaters," said John Hunter, CFO and COO, Wallace Theaters. "From our experience, GE can be relied upon to deliver essential financing and relationship value."
"Our group seeks to act as a financing provider of choice for the movie exhibition sector and we are continuing to generate new applications of capital throughout the sector," said Andrew Cozewith, vice president, GE Commercial Finance Global Media & Communications. "We appreciate the opportunity to work with Wallace Theaters and look forward to our relationship with the company to further build its presence and 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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