July 11, 2006: GE Commercial Finance - Global Media & Communications announced today that it has closed, as administrative agent, a $68,750,000 senior secured credit facility in support of Seaport Capital's acquisition of Everest Connections, a local cable, Internet and phone provider with over 34,000 subscribers in the greater Kansas City metropolitan area. GE Capital Markets served as sole lead arranger in the deal, which closed on June 30.
The deal extends GE's expertise and deepens its portfolio in the cable industry, bringing to over $1.6 billion in total capital committed to companies within the sector.
"The long standing relationship and positive history we have with Seaport Capital enabled the completion of this deal," said Mark Bernier, senior vice president, GE - Global Media & Communications. "GE is one of the largest lenders to the cable industry in the country and we're pleased to be part of a transaction that allows Everest to extend its network and deepen its marketing and customer sales initiatives."
"Seaport has worked with GE on a number of transactions over the last several years and we appreciate their support of our acquisition of Everest," said Steve McCall, a partner of Seaport Capital. "We are excited about Everest's prospects and look forward to continuing the company's commitment to provide high quality, competitively priced telecommunications services and outstanding customer service."
A spin-off of utility company Aquila, Everest Connections is a "triple-play" operator providing cable television, broadband Internet and telephony to residential and business customers in Kansas City, Lenexa, Shawnee, Overland Park and other nearby communities. As a result of the acquisition, Everest Connections will have access to a deeper pool of capital that will enable it to grow its customer base and overall footprint.
About GE Commercial Finance - Global Media & Communications
With over $5 billion in assets and offices in Atlanta, 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 $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 website at ge.com.
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