NORWALK, Conn.--(BUSINESS WIRE)--Aug. 3, 2005--GE Commercial Finance's Global Media & Communications business announced that it has provided $14 million in senior secured financing for Coast Radio Company, Inc. GE served as sole lender for the transaction, which closed on July 29, 2005.
Coast Radio Company owns and operates two radio stations in San Franciso's Bay Area -- KKIQ-FM Pleasanton and KUIC-FM Vacaville. The financing will be used for the acquisition of a third station, KABL-FM Walnut Creek. Media Venture Partners has advised Coast Radio throughout the transaction.
"We are very pleased with GE's responsiveness, expertise and ability to rapidly develop and provide an innovative financing solution that addresses our current needs," said John Levitt, president, Coast Radio Company.
"We are delighted to help Coast Radio increase its hometown presence in the Bay Area," said Robert Malone, vice president, GE Commerical Finance Global Media & Communications. "We hope to have the opportunity to continue collaborating with this talented management team in the future."
About GE Commercial Finance Global Media & Communications
With nearly $5 billion in assets and offices in Atlanta, Chicago, Delhi, Hong Kong, London, New York, Norwalk and San Francisco, 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 www.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 Web site at www.ge.com.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
or
TorranceCo
Mark Prindle, 212-786-6132
Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340