GE Leads Financing for Otelco's Acquisition of Mid-Maine Communications.NORWALK, Conn. -- GE Commercial Finance - Global Media & Communications today announced the closing, as administrative agent, of a $135 million senior credit facility to support the acquisition of Mid-Maine Communications by Otelco Inc., the sole wireline telephone services provider in several rural communities in Alabama and Missouri. GE Capital Markets served as sole lead arranger Lead arranger The senior tier of arranger . The deal closed on July 3, 2006. GE's Global Media & Communications business continues to demonstrate its commitment to the wireline sector through its relationship with Otelco, which began in December 2004. This is the second transaction that GE has led for this rapidly growing service provider. "GE provides flexible and creative financial solutions to growing companies like Otelco," said Mark Bernier, senior vice president, GE - Global Media & Communications. "We value our relationship with Otelco and we look forward to opportunities to provide the expertise and financial solutions that help the company grow." Otelco's services include local telephone, network access, long distance, high-speed and dial-up Internet access See dial-up. , cable television and other telephone related services. The company is among the top 50 largest local exchange carriers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. based on number of access line equivalents. The acquisition of Mid-Maine Communications increases Otelco's total access line equivalents from 39,000 to more than 61,000. About GE Commercial Finance - Global Media & Communications With over $5 billion in assets and offices in Atlanta, Boston, Chicago, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , London, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Norwalk, Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. and San Francisco, Global Media & Communications represents a one-stop source for the comprehensive range of GE's debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. services offered to the telecom, media, technology (TMT TMT 1 Tarsometatarsal 2 Thermomechanical treatment 3 Treatment, see there ) and entertainment marketplace. For more information, please visit gegmc.com. About GE Capital Markets GE Capital Markets represents an integrated capability for the structuring and distribution of syndicated financings across the full range of GE's financing businesses. GE Capital Markets professionals are located in New York, Chicago, London, and Stamford and Norwalk, Connecticut. 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 NYSE See: New York Stock Exchange : 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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