BNY Capital Markets, Inc. Completes Recapitalization for Patriot Media and Communications
NEW YORK, October 28, 2005 - BNY Capital Markets, Inc. (BNYCMI), a subsidiary of The Bank of New York Company, Inc., has successfully completed a debt recapitalization of
BNYCMI was the sole lead arranger, and The Bank of New York acted as administrative agent for the transaction, which was structured as a $25 million seven-year revolver, a
Patriot Media, which was formed in 2003 by Steven J. Simmons and Spectrum Equity Investors, serves approximately 80,000 cable subscribers in 31 contiguous franchises in Central New Jersey. For more information about the company, visit www.patmedia.net.
Gary Herzog, co-head of syndicated finance at BNY Capital Markets, said, "This transaction generated significant demand among institutional investors due to the company’s extremely positive operational and financial performance over the last two years and the strength of its management and ownership group. It is a real tribute to Steve and his management team."
BNYCMI is a wholly owned non-bank subsidiary of The Bank of New York Company, Inc., a separate brokerage affiliate of The Bank of New York, and a member of the NASD and SIPC. BNYCMI provides investment banking services to a wide range of companies, both public and private. The debt capital markets group is a market leader in structuring, arranging and underwriting debt, equity and equity-linked securities. Additional information is available at www.bankofny.com/cmi.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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