NORWALK, Conn.--(BUSINESS WIRE)--June 14, 2006--GE Commercial Finance - Global Media & Communications announced today that it has closed a deal to provide $30 million in financing to Consolidated Theatres, a movie theater chain with screens in the Southeast and Mid-Atlantic states. GE is serving as the syndication agent in the deal worth a total of $60 million.
The financing will primarily be used by Consolidated Theatres to execute its growth plan, which includes the opening of new stadium-seating megaplex theaters.
"GE has been a long-time lending leader in the movie and exhibition space, having committed more than $325 million to the sector since the late 1990s" said Richard Varalla, SVP, GE. "We are enthusiastic about Consolidated's growth potential and are very pleased to play in role in the company's future."
"We are grateful to GE for their commitment to Consolidated and the exhibition industry as a whole," said Herman Stone, CEO, Consolidated Theatres. "We strive to be at the forefront of enhancing the movie-going experience and with the support that GE makes to building long-term relationships, we're better positioned to reach these goals today and in the future."
"GE has a demonstrated track record of success in the exhibition sector and we are pleased to have such a prominent brand playing a significant role in this transaction," said C.J. Brucato, Principal, ABRY Partners. "We sought GE's involvement recognizing their commitment to the movie business and their knowledge of the sector."
The deal closed on June 5, 2006.
About GE Commercial Finance - Global Media & Communications
With over $5 billion in assets, offices in Atlanta, 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 lending and other structured financial 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 $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. 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
Richard Gardiner, 203-229-5708
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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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