NORWALK, Conn.--(BUSINESS WIRE)--Sept. 6, 2006--GE Commercial Finance - Global Media & Communications today announced that it has served as administrative agent on a $70 million facility to support Orange Broadband's acquisition of 44,000 subscribers in New Mexico, Colorado, Nevada and Utah as a result of Charter Communications' recent systems sale. Charlotte, N.C.-based Orange Broadband operates cable television systems that offer video and high-speed data services to residential and commercial customers.
GE Capital Markets served as bookrunner and sole lead arranger on the financing, which closed September 1, 2006 and consists of a $15 million revolver, $30 million term loan, $15 million delayed-draw term loan and $10 million second-lien facility. The financing will pay for a portion of the acquisition, as well as for future capital expenditures and working capital, and fees and expenses associated with the financing.
"GE has a clear understanding and deep knowledge of the cable industry, which helped them provide the appropriate financing to help us grow," said William A. Schuler, CEO of Orange Broadband. "We are optimistic that we will be able to capitalize on this financing as we continue to expand our service areas and offerings."
GE - Global Media & Communications' current commitments to the cable industry exceed $1.6 billion. Other recently announced cable deals include Everest Connections and NewWave Communications.
"The cable industry is filled with opportunity as operators continue to add subscribers who want the triple play bundle of video, high speed data and voice services," said Mark Bernier, senior vice president, GE - Global Media & Communications. "With emerging cable platforms like Orange Broadband, we focus on providing flexible financing and long-term support to help grow their businesses."
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 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.
About Orange Broadband
Orange Broadband was formed by M/C Venture Partners, a Boston, MA-based private equity firm, Oak Investment Partners, a Palo Alto, CA-based private equity firm and Columbia Capital, an Arlington, VA-based private equity firm, to acquire and operate cable television systems offering video and high-speed data services to residential and commercial customers. Headquartered in Charlotte, NC, Orange Broadband's management team includes seasoned executives with over 120 years of experience in operating, financing, engineering, constructing, selling, marketing, and developing cable television, broadband, telecommunications, and data services.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
[email protected]
or
CJP Communications
Dawn Cabral, 212-279-3115 x147
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892