NewswireToday - /newswire/ -
Norwalk, CT, United States, 2010/03/16 - GE Capital, Restructuring Finance today announced it is sole collateral agent for a $109 million cash flow plan of reorganization credit facility for Muzak, a leading provider of music and sensory branding services for businesses (NYSE: GE). NYSE: GE
The loan supports Muzak’s exit from bankruptcy and ongoing working capital needs. GE Capital Markets served as sole lead arranger on a portion of the facility.
Headquartered in Fort Mill, SC, Muzak designs and installs custom music programming, on-hold and in-store voice messages, professional sound systems, commercial television, drive-thru systems, digital signage, soundmasking systems and more, through a nationwide network of sales and service locations.
“As a longstanding GE borrower, we appreciate having a lender who works with us in both good and challenging times,” said Dodd Haynes, CFO for Muzak. “GE’s commitment will allow us to move forward and focus our energy on our long-term business objectives.”
“We worked closely with Muzak to structure financing that would provide the company with an optimal level of liquidity,” said Rob McMahon, managing director, GE Capital, Restructuring Finance. “In-depth knowledge of our customers and restructuring finance expertise means more options in tough times for our borrowers.”
About GE Capital, Restructuring Finance
GE Capital, Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings. Visit gelending.com/clnews.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapitalNews). GE (ge.com) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems.
Jeff Wilson, GE Capital, Corporate Finance
P: +1 203 749 6340