GE: $275 Million Deal for MultiCultural Radio Broadcasting

GE Commercial Finance - Global Media & Communications today announced that it has served as administrative agent for a $275 million credit facility for MultiCultural Radio Broadcasting, Inc. (MRBI).

"GE - Global Media & Communications is truly a world-class lender. They laid out a financing strategy and delivered on what was promised," said Young C. Kim (Sean), chief financial officer of MRBI. "Furthermore, GE Capital Markets played a significant role in closing this transaction, providing not only the enormous resources and experience that a global institution like GE can offer, but also the agility of a Wall Street boutique firm."

MRBI, a leading ethnic media company with radio stations, television stations and printed publications serving consumers in more than 22 languages, has been a GE - Global Media & Communications customer since February 2004 when GE provided a $187.5 million credit facility to the company for its acquisition of Radio Unica. The funds from this recent transaction will be used to refinance existing debt, to fund a $75 million shareholder loan, pay transaction expenses and provide availability for general corporate requirements.

"Over the past three years, we have been committed to building our relationship with MRBI and have provided multiple financing solutions to fund a significant acquisition and to position the company to achieve its growth objectives," said Garret Komjathy, senior vice president, GE - Global Media & Communications. "We believe that this is a clear demonstration of GE's commitment to our customers. Also, we were willing to use our balance sheet via a significant hold position to support the syndication execution strategy - something you will not see with most lenders."

By General Electric