NORWALK, Conn.--(BUSINESS WIRE)--June 8, 2004-- Provides $182.5 Million Senior Secured Facility GE Commercial Finance Global Media & Communications announced that it has arranged $182.5 million in senior secured financing for Communications Corporation of America and White Knight Broadcasting.
The transaction closed on June 4. Based in Lafayette, Louisiana, Communications Corporation of America (ComCorp) and White Knight Broadcasting own and/or operate 23 TV stations in 10 markets in Texas, Louisiana, and Indiana, including Tyler-Longview, El Paso, Odessa, Waco, and Harligen/McAllen, Texas; Lafayette, Baton Rouge, Alexandria, and Shreveport, Louisiana; and Evansville, Indiana.
The financing is comprised of a $25 million revolving credit facility and a $157.5 million Term Loan B, which will be used to refinance existing debt.
GE Commercial Finance was sole underwriter and syndication agent for the facility and closed with a final hold position of $45 million, with the remainder syndicated. ComCorp is owned by Thomas R. Galloway Sr., Wayne Elmore, and Apollo Advisors, LLP.
This transaction was extremely effective for us in that it represents a restructuring of our company's capital structure, which allows us to move forward and build the company through internal growth as well as acquisitions, said Wayne Elmore, Chief Executive Officer, ComCorp.
We initially considered other financing approaches, however, GE Commercial Finance stayed with us through a complicated financing process, with consistent attention to our needs and deadlines, flexibility regarding desired changes in the facility structure, and willingness to expand its role as needed to bring the process to resolution. Their dedication yielded a facility completely aligned with our most urgent needs and long-term objectives.
Because we have extensive knowledge of the media and communications industries and experience in complex restructuring situations, we were able to look past the difficult financial situation ComCorp was facing and see the opportunity to build a long-term relationship by demonstrating our responsiveness and commitment with a creative, fully underwritten, restructuring solution, said Todd Ping, Vice President of Restructuring, Global Media & Communications.
We believe this transaction embodies our group's ability to provide innovative and flexible financing solutions to media and communications companies, including those facing challenging circumstances.
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 marketplace. 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, Conneticut. General Electric (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better.
GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
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