NORWALK, Conn.--(BUSINESS WIRE)--July 11, 2006--GE Commercial Finance - Global Media & Communications today announced that it has closed a $40 million credit facility for Palace Entertainment in conjunction with the company's sale to MidOcean Partners. Palace Entertainment, one of the largest family amusement and water park operators in the U.S., will use the facility for working capital and general corporate purposes. $150 million of senior unsecured notes were also issued to complete the acquisition. GE will hold all of the new senior credit facilities.
"This transaction demonstrates our commitment to the amusement park sector and MidOcean Partners," said Gardner Horan, senior vice president, GE - Global Media & Communications. "We look forward to continuing to work with Palace Entertainment and MidOcean Partners as the company continues to grow."
Palace Entertainment operates a geographically diverse portfolio of 32 parks in eight states and receives attendance of over 10 million annually. Established in 1998 after the initial acquisition of four independently owned family entertainment companies, Palace Entertainment operates under several well-known brand names such as Wet 'N Wild(R), Splish Splash(TM), Raging Waters(R), Malibu Grand Prix(R), Mountasia(TM), SpeedZone(R), Big Kahuna's(R), Silver Springs(R), Water Country and Boomers!(R).
About GE Commercial Finance - Global Media & Communications
With over $5 billion in assets and offices in Atlanta, Boston, Chicago, Hong Kong, London, New York, Norwalk, Palo Alto 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 telecom, media, technology (TMT) and entertainment marketplace. For more information, please visit gegmc.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Stamford, Connecticut. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.
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Britta Kons
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