NORWALK, Conn. & HONG KONG--(BUSINESS WIRE)--Sept. 12, 2006--GE Commercial Finance - Global Media & Communications today announced that it has committed $20 million to Xinhua Finance Limited (XFL) as part of a broader $70 million facility to be used by the company for acquisitions and debt refinancing. XFL is a leading provider of China's indices, ratings, financial news, investor relation services, financial information and media services.
"With our global team of sector specialists, we bring more to media transactions than just capital," said Bhupesh Gupta, managing director, GE - Global Media & Communications, Asia-Pacific. "GE was able to leverage resources both locally and in the United States to provide a tailor-made financing solution to fund XFL's acquisitions and growth. This financing also is a significant milestone for our Asia-Pacific team as it demonstrates our commitment to become the financier of choice for media, entertainment and telecom players in the Asia-Pacific region."
XFL is listed on the Tokyo Stock Exchange and has a market capitalization of around $440 million. In the past three years, the company has acquired several research, information and investor relations companies and seeks to continue to boost its resources and infrastructure.
"We are pleased that GE shares our passion and ambition for China and its future," said Gordon Lau, CFO of XFL. "We were impressed with their level of due diligence and ability to tap resources from elsewhere in the region to close this deal."
The deal closed August 21.
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
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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