GE Supports Peak Broadcasting with $86.5 Million in Financing

GE Commercial Finance – Media, Communications & Entertainment (formerly Global Media & Communications) today announced that it has provided Peak Broadcasting with financing for the company’s acquisition of seven radio stations in the Fresno, California market. The $86.5 million transaction closed March 30.

GE – Media, Communications & Entertainment is the administrative agent and underwriter for the $68.5 million first lien, while GE Capital Markets acted as sole lead arranger and bookrunner for the entire facility.

“GE played an instrumental role in supporting our acquisition,“ said Todd Lawley, CEO of Peak Broadcasting. “Their Media, Communications & Entertainment group’s knowledge and experience in the broadcasting space is unrivaled, and their financing guidance allowed us to move forward with ease and to focus on transitioning our quality programming, customer-based advertising solutions and new media innovations to the Fresno market.”

This facility will also support Peak Broadcasting’s pending acquisition of six radio stations in the Boise, Idaho market. Upon FCC deal approval, the company will focus on programming and new media for the two AM and four FM stations.

“The radio broadcast industry is going through a period of de-consolidation as larger companies try to divest assets,” said Robert Malone, vice president, GE - Media, Communications & Entertainment. “This trend provides opportunity for new industry players to break out into new markets and expand programming to reach new audiences. We look forward to continuing to provide best-in-class financing solutions to our clients in the media sector to help them reach their business goals.”

About GE Commercial Finance – Media, Communications & Entertainment

With nearly $8 billion in assets and offices in Atlanta, Chicago, Hong Kong, London, Los Angeles, New York, Norwalk and San Francisco, the Media, Communications & Entertainment business is a global strategic partner to the media, communications & entertainment 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. For more information, please visit 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 $206 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 the company’s website at www.ge.com.