MCG Capital Invests $40 Million in GMC Television

MCG Capital Invests $40 Million in GMC Television

ARLINGTON, Va., June 11 /PRNewswire-FirstCall/ -- MCG Capital Corporation (NASDAQ:MCGC) today announced a $40 million investment in GMC Television Broadcasting LLC, ("GMC"), which acquired KGMB9-TV in Hawaii ("KGMB9"). MCG's one-stop financing included both debt and equity capital.

KGMB9 is a CBS-affiliate and Hawaii's first commercial television facility, originally launched in 1952 in the Hawaii Designated Market Area ("DMA"). The station has earned many prestigious programming awards, including Hawaii's first ever Peabody Award and the market's first Emmy in 1981.

Douglas Greenlaw, CEO of GMC stated, "GMC is extremely pleased to have finalized the acquisition of KGMB9, our flagship station. A new era of prosperity begins for KGMB9 under the leadership of our newest partner, Rick Blangiardi, who will continue as General Manager of KGMB9. Rick has deep roots in Hawaii and is one of the most respected and accomplished broadcast executives with more than 30 years of proven success on a national level. Under Rick's direction, we are confident KGMB9 will attain a level of excellence that will surpass its rich history as Hawaii's iconic television franchise."

Michael McHugh, Managing Director at MCG Capital, said, "KGMB9 has established a strong position in Hawaii as a locally focused news provider. We are excited to have the opportunity to join Greenlaw-Marshall Communications and Rick Blangiardi to build an even better TV station. We look forward to participating in the next phase of growth that both KGMB9 and Hawaii will experience over the coming years."

About MCG Capital Corporation

MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle market companies throughout the United States. Our investment objective is to achieve current income and capital gains. Our capital is generally used by our portfolio companies to finance acquisitions, recapitalizations, management buyouts, organic growth, and working capital. For more information, please visit http://www.mcgcapital.com/.

First Call Analyst:
FCMN Contact: scamp@mcgcapital.com

Source: MCG Capital Corporation

CONTACT: Susan R. Camp of MCG Capital Corporation, +1-703-247-7523,
SCamp@MCGCapital.com

Web site:

http://www.mcgcapital.com/

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