WP Media Lending

News

11/1/08 John Weller Joins WP Media Lending
John Weller joined Dave Westburg and Jim Penney as a partner in WP Media Lending on November 1, 2008. Weller and Westburg previously worked together for 12 years as co-founders and executives at Westburg Media Capital, a media finance company. After the sale of Westburg Media Capital to Wells Fargo Foothill in 2004, Weller served as Senior Vice President of the media group at Wells Fargo Foothill. As a partner in WP Media Lending, Weller will manage accounting and banking relationships and assist with new loan underwriting. Dave Westburg will continue to underwrite new loans and Jim Penney will handle legal work. All three WP Media Lending partners will sit on the loan committee.

9/1/08 WP Media Lending Renews Line of Credit
WP Media Lending renewed and extended its $6.25 million line of credit with Foundation Bank, Columbia Bank and First Security Bank. "I am pleased by the confidence the banks showed by renewing our line on more favorable terms in the middle of a tight credit market," said WP Media Lending partner Dave Westburg.

9/1/07 Increased Credit Line to Fund New Loans and Investments
WP Media Lending increased its bank line of credit from $4.5 million to $6.5 million. The line of credit was provided by Foundation Bank, Commerce Bank of Washington, First Security Bank and Columbia Bank. The increase will be used to fund new loans and investments.

6/27/06 Bank Credit Line Increase
WP Media Lending increased its credit line from $2.5 million to $4.5 million. The credit line, which will fund additional loans, was provided by Foundation Bank, Commerce Bank of Washington and First Security Bank.

5/30/06 New Debt Commitment
WP Media Lending increased its banking facilities from $2 million to $2.5 million with additional funds from Sterling Bank. The financing supplements an existing credit facility with Foundation Bank. The new financing will fund additional loans to small media companies.

3/14/06 Foundation Bank Grants Credit
WP Media Lending extended and increased its line of credit with Foundation Bank of Washington. "I am pleased with the commitment Foundation Bank has shown to support our growth," said WP Media Lending Partner Dave Westburg. Foundation Bank (www.Foundationbank.com) has served as WP Media Lending's bank since the company's September 2005 inception.

1/14/06 New Equity Commitments Secured
WP Media Lending secured $3 million in new equity commitments. According to WP Media Lending Partner Dave Westburg, "The equity, together with existing bank line and loan participation facilities, will enable us to fund an additional $20 million in loans for media and publishing companies."