NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance -- Global Media & Communications has provided a $60 million senior secured facility to Northland Cable Properties, Inc., a subsidiary of Northland Telecommunications Corp. -- the 16th largest Multiple System Operator (MSO) in the U.S.
GE -- Global Media & Communications served as administrative agent of the facility, while GE Capital Markets served as sole lead arranger and bookrunner. The funding will be used to refinance existing debt and will provide for capital expenditures, working capital and future planned acquisitions.
This is the second time that GE has provided Northland Telecommunications with growth capital. In December 2005, GE arranged a $125 million facility for a related-entity, Northland Cable Television, which was used to refinance existing debt.
"GE plays an integral part in our growth strategy," said Gary Jones, president, Northland Cable Properties. "The GE team once again demonstrated a true understanding of the challenges and opportunities in the cable sector."
GE's current commitments to the cable industry exceed $1.6 billion. Other recently announced deals in this sector include Everest Connections, NewWave Communications and Orange Broadband.
Added Tom Byrne, senior vice president, GE -- Global Media & Communications, "The cable sector continues to grow, creating numerous opportunities for operators to generate additional revenue streams. We are dedicated to understanding and serving the financing requirements of companies such as Northland, and will continue to innovate to meet their evolving needs."
Northland Cable Properties, Inc. (NCPI) was formed in 1995 and is a cable television operator that serves subscribers in eight primary non-urban markets in Georgia, North Carolina, Texas and Idaho. NCPI is a subsidiary of Northland Communications Corp., which is a wholly owned subsidiary of Northland Telecommunications Corp.
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 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 $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 ge.com.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
[email protected]
or
CJP Communications
Vu Chung, 212-279-3115 x205
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892