Gans Communications LP, formerly Gans Multimedia Partnership, said it has
raised about $88 million in private equity and new credit facilities targeted in
part to help rebuild some of its cable systems.
Gans said it received about $38 million in private equity from Nautic
Partners LLC and certain of its affiliates.
In addition, the company secured another $50 million in the form of a senior
debt facility from General Electric Capital Corp. and National City Corp.
Denver cable investment banker Daniels & Associates represented Gans in
both the equity and debt placements.
The recapitalization will refinance existing senior debt and provide
additional capital to finance the rebuild of Gans' cable systems in
Pennsylvania, Maryland and Virginia. Those systems serve about 50,000 basic
subscribers.
Gans said in a prepared statement that the rebuilds will be a combination of
860-megahertz and 750-MHz plant.
In a separate announcement, Gans said it has named former MediaOne Group Inc.
and Cox Communications Inc. executive David Van Valkenburg to its board of
directors.
