Newspaper article THE JOURNAL RECORD

CD Warehouse Secures $15 Million Credit Line

Newspaper article THE JOURNAL RECORD

CD Warehouse Secures $15 Million Credit Line

Article excerpt

CD Warehouse has a new, $15 million credit line with GE Capital. The revolving asset-based facility will replace Bank One as the primary lender. Bank One, however, will continue to provide commercial banking and cash management services to CD Warehouse.

"GE Capital can help CD Warehouse in so many ways through the depth of the entire GE portfolio of companies," said Jerry W. Grizzle, chairman and chief executive of CD Warehouse. " Even before we closed on our deal, GE Capital Business Asset Funding Corp. closed on loans to our franchisees, allowing them to continue their growth.

"We have grown very quickly in the last three years and our capital needs have expanded as well. GE Capital offers us the opportunity to run our business with the knowledge that we will not outgrow the funding capability of our primary lender."

In related news, the Oklahoma City company said Gary D. Johnson, former executive vice president and chief operating officer, will leave the company's employment and become a franchisee.

CD Warehouse franchises and operates retail music stores in 40 states, the District of Columbia, England, France, Guatemala, Canada and Venezuela.

A celebrated customer

Southwestern Bank and Trust will honor the 100th birthday of customer Kathryn Klotsch at 10 a.m. today with a party. Klotsch, who "will be one of the rare individuals who will be able to say she has lived in three centuries, comes into the bank on a regular basis.

Now in the top 200

Express Services cracked the top 200 in Forbes list of the nation's 500 largest privately held companies. The Oklahoma City employment company recorded fiscal 1998 revenue of more than $1 billion, which put it at No. 196.

"1999 has been an outstanding year for us, and 2000 looks like it will be better still," said Robert A. Funk, chairman and CEO of Express. "Sales remain up this year over last and we anticipate this to carry on right into the new millennium."

Speaking of which, Express says it has installed its Y2K compliant Quest 3 computer system at its 400+ offices across North America.

Getting a national look

Three Oklahoma City organizations have prepared two half-hour "infomercials" for the national market. The film and video production company Producers Playhouse was commissioned by White Crow Enterprises of Oklahoma City to produce the programs on behalf of Steece and Mathews, Attorneys at Law. White Crow is negotiating licenses for the films Nursing Home Nightmares The Abuse of a Generation and Dangerous Roads Ahead Big Rigs on the Public Roadways with law firms in 20 states. Another Oklahoma City company, MediaChoice USA, was hired as the media buying service to place the programs on broadcast outlets as licenses are granted. Dangerous Roads Ahead began airing locally in mid-December, soon after Producers Playhouse completed its work. …

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