NORWALK, Conn.--(BUSINESS WIRE)--July 31, 2006--GE Commercial Finance - Global Media & Communications announced today that it has closed a deal providing Van Wagner Communications with a $200 million senior secured facility. Van Wagner is one of the nation's leading outdoor advertising companies with significant positions in major markets such as New York, Los Angeles and Washington DC. GE is the administrative agent in the deal, which is a fully underwritten transaction. GE has been Van Wagner's lead lender since 2002.
As a so-called "covenant lite" transaction, this deal marks a significant achievement for GE and Van Wagner. GE Capital Markets served as sole lead arranger, successfully syndicating the deal to nearly two-dozen banks and institutional investors.
"The process to win this deal with such a highly visible and rapidly growing company was extremely competitive and it was through our persistence, industry expertise and commitment to Van Wagner that we were able to succeed," said Chris Mangan, managing director, GE - Global Media & Communications. "Van Wagner is an extremely well regarded brand that continues to excel in the outdoor advertising space with revenue growth that is four-to-five times industry average. We are pleased to be extending and expanding what has truly been a mutually beneficial relationship for the last four years."
The facility will enable Van Wagner to refinance its existing senior and subordinated debt, as well as providing significant funds for possible future acquisitions and product development.
Van Wagner is currently the 5th largest outdoor advertiser in the United States with 10,000 advertising displays across diverse venues, including full format billboards, telephone kiosks, sports stadium and arena displays, and aerial advertising.
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 $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
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