GE's Global Media & Communications Business Provides $23 Million to Growing Hispanic Radio Broadcaster
Posted on: Monday, 7 August 2006, 09:00 CDT
GE Commercial Finance - Global Media & Communications announced today that it has provided California-based radio broadcaster Lazer Broadcasting with a $23 million senior secured credit facility. The new facility, consisting of a term loan and a revolver, will be used primarily for acquisitions and business expansion. Lazer is a Spanish language radio broadcasting company with 17 stations in 10 markets, after starting with a single station in 1991.
"Our involvement in this deal demonstrates GE's continued commitment to the radio industry, with total commitments in this sector now totaling over $635 million, and particularly to broadcasters who focus on niche verticals such as the Hispanic market," said Robert Malone, vice president with GE - Global Media & Communications. "Lazer Broadcasting's successful evolution from one to 17 stations shows they know how to grow their business, and we are very pleased to have developed a relationship with them."
"In working with GE, it was clear that they had both deep expertise in the radio broadcasting industry, and also the flexibility and willingness to work with all involved parties, like our advisor Media Venture Partners," said Alfredo Plascencia, founder of Lazer Broadcasting. "This facility will allow us to continue our phenomenal growth in the California radio market."
The deal closed June 29.
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.
Source: Business Wire
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