NORWALK, Conn.--(BUSINESS WIRE)--April 18, 2006--GE Commercial Finance - Global Media & Communications today announced that it has closed a deal to provide senior financing to SV Investment Partners ("SV"), and that its affiliate, GE Capital Markets, has arranged mezzanine financing for SV as part of SV's acquisition of Pennysaver Group, Inc., a leading publisher of freely distributed shopper magazines. With GE's financial backing, SV is acquiring Pennysaver from Seaport Capital. The deal closed on Wednesday, April 5, 2006.
This is the first deal for which GE Capital Markets has simultaneously arranged both the senior and mezzanine financing, acting as the lead arranger for the senior financing and the placement agent for the mezzanine tranche. It also further cements GE's leadership position in financing the publishing sector, a fragmented industry ripe for continued consolidation.
"Very few firms have the capability and flexibility to provide both levels of financing at once," said Chris Mangan, a GE managing director. "Pennysaver has been a customer since 1999. As such, we were able to provide staple financing before the buyer was even identified, giving SV and the new management team the confidence that their lender could close the deal."
About GE Commercial Finance - Global Media & Communications
With over $5 billion in assets, offices in Atlanta, Chicago, London, New York, Norwalk, Palo Alto, San Francisco and resources in Asia-Pacific, Global Media & Communications represents a "one-stop" source for the comprehensive range of GE's lending and other structured financial services offered to the telecom, media, technology and sports & entertainment marketplace. For more information, please visit gegmc.com.
About GE Capital Markets
GE Capital Markets represents an integrated capability for the structuring and distribution of syndicated financings across the full range of GE's financing businesses. GE Capital Markets professionals are located in New York City, Chicago, London, and 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 $190 billion and is headquartered in Stamford, 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. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, 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.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
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or
CJP Communications
Dawn Cabral, 212-279-3115 x147
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Britta Kons
GE Healthcare Global Services
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1-203-400-1892