NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance's Media, Communications & Entertainment business today announced it has provided a $250 million senior secured credit facility to Lightower, a new entity formed by management, M/C Venture Partners and Wachovia Capital Partners to acquire the communications assets of National Grid Wireless U.S. from National Grid plc. GE -- Media, Communications & Entertainment is the administrative agent and GE Capital Markets acted as sole bookrunner and sole lead arranger for the facility. National Grid Wireless U.S. will now be known as Lightower.
Lightower operates an extensive communications infrastructure portfolio consisting of approximately 350 communications towers and over 1,100 route miles of dark fiber. Additionally, the company is a pioneer in outdoor distributed antenna systems, including launching the first, multi-carrier outdoor DAS in the U.S. on Nantucket three years ago. The company has also recently initiated a managed fiber backhaul offering and provides full turnkey site development services throughout the Northeast U.S. Lightower will continue operations throughout the United States, marketing its wireless and fiber optic infrastructure to wireless communications companies, telecommunications providers, governmental agencies and medium to large enterprises. Over the last five years, the company has grown revenue and EBITDA by 45% and 51%, respectively.
"GE's Media, Communications & Entertainment team clearly understand the dynamics of the communications sector," said Doug Wiest, president and CEO of Lightower. "We are pleased to have GE as a key financial services provider during this exciting stage of our development."
According to an industry trade association, wireless use is expected to rise to 270 million people, or 87 percent of the U.S. population, by 2010. "The wireless and fiber sectors continue to experience extraordinary growth," said Michael Chen, CEO for GE's Media, Communications & Entertainment business. "We are extremely pleased to be able to support Lightower. Despite the recent turbulence in the capital markets, GE is still firmly committed to providing our customers with flexible and attractive financing solutions which will help them grow their business."
About GE Commercial Finance -- Media, Communications & Entertainment
With over $8 billion in assets and offices in Atlanta, Chicago, Hong Kong, London, Los Angeles, New York, Norwalk and San Francisco, the Media, Communications & Entertainment business is a global strategic partner to the media, communications & entertainment industries and the technologies that enable them. We bring GE's full resources and financial strength to each relationship, while delivering industry expertise and flexible financing solutions that maximize stakeholder value. www.geMCE.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 $232 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. www.ge.com
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Dawn Cabral, 203-378-1152 x147
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Jeff Wilson
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