NORWALK, Conn.--(BUSINESS WIRE)--Aug. 2, 2006--GE Commercial Finance - Global Media & Communications today announced that it has closed a $217 million senior credit facility for Christie/AIX, a subsidiary of Access Integrated Technologies, Inc. Proceeds from the facility will be utilized for Christie/AIX's nationwide conversion of 4,000 theater screens to a digital format. The deal is the first-of-its-kind within the industry and closed August 1.
GE - Global Media & Communications originated and structured the transaction, while GE Capital Markets served as lead arranger and sole bookrunner.
"The closing of this deal represents GE's commitment to the digital cinema industry," said Shea Wallon, vice president, GE - Global Media & Communications. "We are pleased to support Christie/AIX's initiative to enhance the movie-going experience through the introduction and proliferation of digital cinema technology."
Christie/AIX has already commenced its digital conversion initiative and has successfully converted over 600 screens for six different movie exhibitors. With the credit facility in hand, the company expects to complete the 4,000-screen rollout in 2007.
"We are grateful for GE's involvement in this transaction and their support of our digital cinema initiative," said Bud Mayo, chairman and chief executive officer of AccessIT. "Their understanding of our industry was instrumental in structuring a financing that will help the theater industry advance to the digital age."
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
[email protected]
or
CJP Communications
Vu Chung, 212-279-3115, Ext. 205
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892