NORWALK, Conn.--(BUSINESS WIRE)--Jan. 9, 2006--GE Commercial Finance - Global Media & Communications today announced that it has provided $65 million in senior secured financing as Administrative Agent for Optasite, Inc. GE Capital Markets acted as Lead Arranger and Sole Bookrunner for the transaction, which closed December 30, 2005. The facility consisted of a $27.5 million delayed draw term loan, $22.5 million term loan and a $15 million revolver with proceeds to be used to refinance existing debt and finance future acquisitions.
Headquartered in Westborough, Massachusetts, Optasite is one of the fastest growing tower companies in the United States. Giving effect to pending transactions, Optasite has over 200 towers in its portfolio and focuses on its singular strategy of disciplined tower acquisition and new tower development. The company currently has a strong eastern presence and is expanding its footprint across the United States. To date, Optasite has received funding by leading financial investors, including Centennial Ventures, Columbia Capital and Highland Capital Partners.
"We're thrilled to have GE as a financial partner to Optasite," said Beau Paradowski, Chief Financial Officer, Optasite. "GE has a strong track record of successful financing in the tower industry and we greatly appreciate the confidence which they and their syndicate partners have shown in Optasite."
"We're very pleased to have the opportunity to arrange this financing in support of Optasite. With its attractive portfolio of towers, Optasite is well positioned for future growth. This transaction further demonstrates our dedication in providing creative and responsive financing solutions for the tower sector," said Mark Bernier, Senior Vice President, GE Commercial Finance - Global Media & Communications.
About GE Commercial Finance - Global Media & Communications
With over $5 billion in assets, 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 telecom, 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 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, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
or
TorranceCo, New York
Mark Prindle, 212-691-5860
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340