OREANDA-NEWS.  GE Capital’s Telecom, Media and Technology (TMT) financing business announced today it served as administrative agent on a USD 12 million incremental credit facility increase to VSS - Southern Theatres, LLC (Southern Theatres). The total credit facility for Southern Theaters is now USD 92 million. The incremental line increase will be used to fund the build out of several new Movie Tavern locations in the southeastern U.S. and Pennsylvania. GE Capital Markets served as lead arranger and joint bookrunner on this facility.

“Southern Theatres has a two-pronged growth strategy consisting of internal expansion and selective add-on acquisitions. We very much appreciate the strong support of GE Capital in continuing the build out of both our traditional theatre and cinema eatery brands,” said George Solomon, CEO of Southern Theatres.

Headquartered in New Orleans, Southern Theatres was formed in 2002 by Solomon, a theatre industry veteran, to develop and operate multiplex, stadium-seating movie theatres in small-to-mid-size markets across the southeastern United States. Southern Theatres operates 36 theatre and cinema eatery locations with 433 screens in Alabama, Colorado, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Texas and Virginia.

“Last September, GE Capital agented a facility to support Southern Theatres’ acquisition of Movie Tavern, a premier cinema eatery circuit. We’re thrilled to work again with the company and its private equity owner, Veronis Suhler Stevenson, to support its continued success and growth,” said Tim Huban, a managing director with GE Capital’s TMT business.