LEXINGTON, Ky., Dec. 18, 2013 /PRNewswire/ -- Viamedia, the cable industry's leading independent cable rep firm and provider of online advertising services, announced today that it has closed on a new $40 Million bank financing package, led by PNC Bank and U.S. Bank. The $40 million facility will replace Viamedia's prior bank facility and will reinforce the economic position and flexibility of a company known for its commitment to innovation and strong customer service.
"Both PNC and U.S. Bank are great relationship banks," said Christopher A. Black, Viamedia's Chief Financial Officer. "We are excited to have them as partners in our future endeavors and are pleased to enter this new bank deal which provides the company with improved economics and flexibility."
"We are very pleased to partner with our new lenders as we build on a successful year that added new cable partner relationships across the country," added Jeff Carter, Viamedia's Chief Executive Officer.
Terence Graunke, Chairman, Principal and Co-Founder of Lake Capital, Viamedia's private equity sponsor, noted, "Lake Capital has a long, successful relationship with PNC, which has provided debt facilities for many Lake investments over the past decade with excellent outcomes. We're thrilled to be partnering with PNC again for a media sector growth company as exciting as Viamedia."
Headquartered in Lexington, KY, Viamedia is a leading provider of outsourced local advertising sales services and provider of online advertising services. The company specializes in selling DMA-based advertising to local, regional and national advertisers on behalf of U.S. cable and telecommunications service providers, utility companies and municipalities. For more information on Viamedia, visit www.viamediatv.com. You can find us on Facebook at https://www.facebook.com/viamediatv or like us on Twitter @Viamedia_TV.
About Lake Capital
Lake Capital is a private equity firm that focuses on investments in service-based enterprises. The firm currently manages more than $1 billion in equity commitments and seeks to build leading services companies through organic and acquisition-enhanced growth. More information about Lake Capital is available at www.lakecapital.com.