GE Commercial Finance - Global Media & Communications Arranges $40 Million Senior Secured Facility for NRG Media
Posted on: Thursday, 17 November 2005, 12:00 CST
GE Commercial Finance - Global Media & Communications announced today that it has arranged $40 million in senior secured financing to Cedar Rapids, Iowa-based NRG Media, LLC. GE served as administrative agent and sole lead arranger for the transaction, which closed October 31, 2005.
Formed by the March 2005 merger of New Radio Group and Waitt Radio, Inc., NRG Media owns and operates 87 small market radio stations throughout the states of Illinois, Iowa, Kansas, Minnesota, Nebraska, South Dakota and Wisconsin. The facility will be used to refinance existing debt and acquire additional stations in the midwest. The primary stakeholders of NRG Media are Waitt Media, Inc., Alta Communications, a Boston-based private equity fund focusing exclusively on the media and telecommunications industries, and McCarthy Group, Inc., an Omaha-based private equity firm.
"GE Commercial Finance continues to be an excellent partner, regularly playing a crucial role in the structuring and arranging of key Alta transactions," said B. Lane MacDonald, general partner, Alta Communications. "We are excited about the growth potential of NRG Media and view this financing as an opportunity for the company to further expand its reach in the key midwestern market."
Garret Komjathy, senior vice president, GE Commercial Finance - Global Media & Communications stated, "We are very pleased to offer financing to NRG Media, an already successful small market radio operator that is well positioned to expand upon its existing platform."
About GE Commercial Finance - Global Media & Communications
With $6.3 billion in assets and offices in Atlanta, Chicago, London, New York, Norwalk, San Francisco and resources in Asia-Pacific, GE Commercial Finance - Global Media & Communications represents a "one-stop" source for the comprehensive range of GE's lending and other structured financial services offered to the telecommunications, media, technology 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 $232 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.
Source: Business Wire
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