GE Provides $33 Million Credit Facility to GAPWEST Broadcasting

GE Commercial Finance’s Media, Communications & Entertainment business today announced it has closed a $33 million senior secured credit facility for GAPWEST Broadcasting, a portfolio company of funds managed by Oaktree Capital Management, L.P. The financing is funding the company’s acquisition of a group of radio stations from Clear Channel Communications. GAPWEST is the sister company of Dallas-based GAP Broadcasting LLC, which previously acquired several stations from Clear Channel. GE served as sole lender and administrative agent for the deal, which closed on February 13.

“It’s a pivotal time for the radio broadcast industry as we look to new, creative ways to capture audiences and attract advertisers in order to remain competitive with other entertainment formats,” said Andrew Salter, senior vice president, Oaktree Capital Management. “With GE’s deep market knowledge and financing support, we are well positioned to take advantage of this opportunity as we acquire new stations and build our radio portfolio.”

GAPWEST Broadcasting now owns stations in Washington, Idaho, Montana Wyoming, Minnesota and Iowa.

“The market for radio has received less than fair acknowledgement these past few years, but ‘old media’ is not dead, it’s just evolving,” said Tom Regan, managing director, sponsors, for GE’s Media, Communications & Entertainment business. “GE is well versed in the important role companies like GAPWEST play in continuing success and exceeding expectations in markets that have a strong base, but were undervalued by big media companies. We look forward to working with GAPWEST as they achieve their goals.”

About GE Commercial Finance – Media, Communications & Entertainment

With nearly $10 billion in assets and offices in Atlanta, Chicago, Hong Kong, London, Los Angeles, Munich, New York, Norwalk (HQ), San Francisco, Singapore and Toronto, the Media, Communications & Entertainment business is a global strategic partner to these industries and the technologies that enable them. We bring GE’s full resources and financial strength to each relationship, while delivering industry expertise and flexible financing solutions that maximize stakeholder value. www.geMCE.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 $300 billion and is headquartered in Norwalk, 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. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.

Contacts

GE Commercial Finance
Ned Reynolds, 203-229-5717
ned.reynolds {at} ge(.)com
or
CJP Communications
Vu Chung, 214-484-1831
vchung {at} cjpcom(.)com