NORWALK, Conn.--(BUSINESS WIRE)--July 24, 2006--GE Commercial Finance - Global Media & Communications announced today that it has closed $182 million in senior secured and mezzanine financing for NewWave Communications, a cable television, high speed internet and digital telephone service provider primarily serving Kentucky, Illinois, Missouri and Tennessee. GE - Global Media & Communications acted as the administrative agent and GE Capital Markets was the lead arranger for the facilities, which enabled NewWave to complete the buyout of cable systems in Kentucky and Illinois from Charter Communications. The financing will also be used to fund capital expenditures and permitted acquisitions.
This is GE's second deal with NewWave. Earlier this month, GE announced a deal with Everest Connections and has closed six cable transactions this year, bringing GE - Global Media & Communications' cable industry commitments to over $1.6 billion.
"GE's knowledge of the cable industry, the responsiveness of the deal team and ability to get a deal done quickly weighed heavily in our decision to extend our relationship," said Jim Gleason, President & CEO, NewWave Communications. "The facility will help to establish us as a leading 'triple play' provider in the Kentucky, western Tennessee, southern Illinois and southeast Missouri markets."
"We've enjoyed great momentum within the cable industry and believe that the NewWave financing represents our capabilities and we're pleased to be accompanying them as they continue to expand," said Gardner Horan, senior vice president, GE - Global Media & Communications.
The deal closed June 30.
About GE Commercial Finance - Global Media & Communications
With over $5 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 $230 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
Vu Chung, 212-279-3115 x205
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Britta Kons
GE Healthcare Global Services
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1-203-400-1892