NORWALK, Conn.--(BUSINESS WIRE)--Sept. 5, 2006--GE Commercial Finance - Global Media & Communications today announced that it and its affiliates have committed $100 million as part of the $2.09 billion senior secured facility for Cedar Fair, L.P., a major owner and operator of regional amusement parks in North America. The financing is for Cedar Fair's acquisition of Paramount Parks and the refinancing of the partnership's existing senior secured debt facility. GE is the Administrative Agent for the Canadian portion of the facility and Co-Documentation Agent for the entire facility.
With this transaction, GE - Global Media & Communications has now committed more than $250 million in financing to the amusement park sector.
"This is a significant achievement for GE as it is our largest single financing commitment to an amusement park operator to date and expands our portfolio in a growing industry sector where we have deep expertise," said Dave Alexander, SVP, GE - Global Media & Communications. "GE has a demonstrated commitment to the amusement park sector and currently holds relationships with numerous owners and operators of amusement parks and family entertainment centers."
Cedar Fair is one of the largest regional amusement park operators in the world. After its acquisition of Paramount Parks, the partnership will own and operate 12 amusement parks, five outdoor water parks, an indoor water park, and six hotels with an attendance of approximately 25 million guests.
"We chose GE in large part due to their understanding of our business and ability to speak our language," said Peter J. Crage, CFO, Cedar Fair, L.P. "GE clearly has the industry expertise having contributed to financing arrangements for other operators in the industry and we look forward to working with them in the future."
The deal closed August 30.
About GE Commercial Finance - Global Media & Communications
With over $6 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
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CJP Communications
Vu Chung, 212-279-3115 x205
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Britta Kons
GE Healthcare Global Services
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