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GE COMMERCIAL FINANCE GLOBAL MEDIA & COMMUNICATIONS PROVIDES $30 MILLION IN SENIOR SECURED FINANCING
01 April 2006 - AZDEL
| GE Commercial Finance Global Media & Communications announced that it has provided $30 million in senior secured financing to ACME Communications, Inc.
The GE Commercial Finance commitment is part of a new $60 million senior secured revolving facility for ACME, which closed on November 8. |
GE Commercial Finance Global Media & Communications announced that it has provided $30 million in senior secured financing to ACME Communications, Inc.
The GE Commercial Finance commitment is part of a new $60 million senior secured revolving facility for ACME, which closed on November 8. Concurrent with the revolver closing, the company closed on a $20 million second lien term loan. The company will use the combined $80 million facility to refinance existing senior debt, repurchase common stock, and to fund future working capital needs.
Based in Santa Ana, Calif., ACME Communications owns and operates nine broadcast television stations in medium-sized markets across the U.S., with stations in Albuquerque; Dayton, Ohio; Decatur, Ill.; Fort Myers/Naples, Fla.; Green Bay and Madison, Wisc.; Knoxville, Tenn., and Salt Lake City. Eight of ACME's nine stations are affiliated with The WB Television Network, making the company the fourth largest WB Network-affiliated station group in the country. ACME's stations broadcast in markets that cover, in aggregate, approximately 3.7% of the total U.S. population.
"Global Media & Communications has worked with ACME Communications for several years, and we are pleased to increase our financial commitment to the company and to assist the company's ongoing growth and development", said David Harrington, senior vice president, GE Commercial Finance Global Media & Communications.
http://www.ge.com
About: AZDEL
AZDEL, Inc. is a joint venture of GE Advanced Materials and PPG Industries. The AZDEL business was established in 1972 by PPG, and the 50/50 joint venture was set up with GE in 1986. AZDEL is a global leader in the manufacture and supply of high-performance composite materials serving a wide variety of markets and industries including automotive, transportation interiors, large truck, materials handling, heating, ventilation and air conditioning (HVAC), and building and construction. * AZDEL and VolcaLite are trademarks of AZDEL, Inc., a 50/50 joint venture of General Electric Company and PPG Industries. |
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