NORWALK, Conn.--(BUSINESS WIRE)--April 26, 2004--GE Commercial Finance's Global Media & Communications unit has provided a $25 million senior debt facility to Randall Publishing Co., Tuscaloosa, Alabama. GE Commercial Finance is the sole provider of the facility, which Randall will use for growth capital and to refinance existing debt.
Founded in 1934, Randall is a privately-owned, multimedia publisher primarily focused on the trucking, construction, and woodworking sectors. The company was recently ranked the sixth fastest growing and the 22nd largest publishing company in the nation.
"This new facility reflects an increasingly strong, fundamental operating outlook for Randall," said F. Michael Reilly, President and Chief Executive Officer. "We appreciated the dedication of GE's Global Media & Communications team in devising a financing approach that, among other benefits, helps us turn more of our attention toward initiatives designed to strengthen our business even further."
The $25 million facility, which closed in March, comprises a $5 million revolving credit commitment, a $15 million Term A loan, and a $5 million Term B loan. "Our long-term relationship with Randall gave us critical insights into the company's financing needs," said David VanderLugt, Vice President, Global Media & Communications. "This knowledge - backed by our group's depth of experience and long familiarity with the operating dynamics of the publishing industry - provided strong support for our efforts to deliver a highly effective financing solution to Randall Publishing."
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 and 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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