Cygnus Refinances to Restructure Debt, Enhance Expansion Efforts and Lower Interest Rates

JOAN MATHER, EXECUTIVE EDITOR

Westport, CT – GE Commercial Finance Global Media & Communications has arranged $220 million of refinancing for Cygnus Business Media’s publishing, expositions, interactive and custom marketing divisions. The deal was signed on July 13.

Paul Mackler, Cygnus Business Media President, & CEO, says the refinancing package is highly competitive and “helps us to achieve several financial objectives.” Jeff Price, President of Cygnus Expositions, adds the refinancing will allow the company to pay down existing debt and fund future expansion efforts.

Price says that several of the original lenders to Cygnus back in 2000, including GE Commercial Finance and Union Bank of California, bid on the refinancing. Roland DeSilva, Managing Partner of DeSilva & Phillips, says, “Cygnus took advantage of an excellent debt market to refinance their company, thus giving them much more financial power to further expand their business, which they apparently intend to do aggressively over the next year.”

GE Commercial Finance underwrote two-thirds of the refinancing package. The remaining third was underwritten by Union Bank of California.

Reach Paul Mackler at (203)227-4037; Jeff Price at (952) 808-3309 ; Roland DeSilva at (212) 686-9700 or roland@mediabankers.com.