DreamWorks refinances, accelerates animated output schedule

DreamWorks has announced a$1.5bn refinancing package that will enable it to double its animated featureoutput to two or three pictures a year by 2004 and increase by around 30% itsannual live action slate to 10-12 titles by 2005. The deal, unveiled on Friday,comprises a $1bn securitisation and a $500m revolving credit facility thatreplace existing financial arrangements due to expire early next year andextend the studio's access to debt capital until at least October 2007.