MGM secures $500m credit facility
A year after coming out of bankruptcy, MGM has secured a new $500 million revolving credit facility, which the studio hopes will allow it to retire its previous debt and contiue to grow its film and television business.
The financing was provided by a group of banks led by JPMorgan Chase and Deutsche Bank. The syndicate also includes Bank of America Merrill Lynch, Royal Bank of Canada, SunTrust Bank, Wells Fargo, CIT Bank, Union Bank, City National Bank and OneWest Bank.
Current projects include 21 Jump Street and Skyfall (under its partnership with Sony Pictures) and the two Hobbit films via its partnership with Warner Bros.
The studio has several other films and television programs in various stages of production and development including films Robocop, Carrie and Punk Farm.