NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance -- Global Media & Communications today announced that it has served as administrative agent for a $275 million credit facility for MultiCultural Radio Broadcasting, Inc. (MRBI). GE Capital Markets served as sole lead arranger of the facility, which closed on December 18.
"GE -- Global Media & Communications is truly a world-class lender. They laid out a financing strategy and delivered on what was promised," said Young C. Kim (Sean), chief financial officer of MRBI. "Furthermore, GE Capital Markets played a significant role in closing this transaction, providing not only the enormous resources and experience that a global institution like GE can offer, but also the agility of a Wall Street boutique firm."
MRBI, a leading ethnic media company with radio stations, television stations and printed publications serving consumers in more than 22 languages, has been a GE -- Global Media & Communications customer since February 2004 when GE provided a $187.5 million credit facility to the company for its acquisition of Radio Unica. The funds from this recent transaction will be used to refinance existing debt, to fund a $75 million shareholder loan, pay transaction expenses and provide availability for general corporate requirements.
"Over the past three years, we have been committed to building our relationship with MRBI and have provided multiple financing solutions to fund a significant acquisition and to position the company to achieve its growth objectives," said Garret Komjathy, senior vice president, GE -- Global Media & Communications. "We believe that this is a clear demonstration of GE's commitment to our customers. Also, we were willing to use our balance sheet via a significant hold position to support the syndication execution strategy -- something you will not see with most lenders."
About GE Commercial Finance -- Global Media & Communications
With over $7 billion in assets and offices in Atlanta, Beverly Hills, 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 debt and equity financing services offered to the media, communications & entertainment sectors and the technology that enables them. For more information, please visit www.gegmc.com.
About GE Capital Markets
GE Capital Markets provides structuring and distribution of syndicated financings for the full range of GE's financing businesses. GE Capital Markets professionals are located in New York, London and Chicago, and in Stamford and Norwalk, Connecticut.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $206 billion and is headquartered in Norwalk, 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. GE serves customer 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.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
[email protected]
or
CJP Communications
Dawn Cabral, 203-378-1152 x147
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892