NORWALK, Conn.--(BUSINESS WIRE)--Nov. 10, 2004--GE Commercial Finance Global Media & Communications announced that it has provided $30 million in senior secured financing to ACME Communications, Inc.
The GE Commercial Finance commitment is part of a new $60 million senior secured revolving facility for ACME, which closed on November 8. Concurrent with the revolver closing, the company closed on a $20 million second lien term loan. The company will use the combined $80 million facility to refinance existing senior debt, repurchase common stock, and to fund future working capital needs.
Based in Santa Ana, Calif., ACME Communications (NASDAQ:ACME) owns and operates nine broadcast television stations in medium-sized markets across the U.S., with stations in Albuquerque; Dayton, Ohio; Decatur, Ill.; Fort Myers/Naples, Fla.; Green Bay and Madison, Wisc.; Knoxville, Tenn., and Salt Lake City. Eight of ACME's nine stations are affiliated with The WB Television Network, making the company the fourth largest WB Network-affiliated station group in the country. ACME's stations broadcast in markets that cover, in aggregate, approximately 3.7% of the total U.S. population.
"Global Media & Communications has worked with ACME Communications for several years, and we are pleased to increase our financial commitment to the company and to assist the company's ongoing growth and development", said David Harrington, senior vice president, GE Commercial Finance Global Media & Communications.
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 financial services offered to the media, telecom, leisure & entertainment, and technology industries. www.gegmc.com. 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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