Relativity closes $115m facility
Top brass announced they have closed a $115m five-year revolving credit facility led by OneWest Bank, Barclays and City National Bank.
According to a press release, OneWest and Barclays intend to syndicate the facility to increase it to $300m over the next 12 months.
The new unit, Relativity Ultimates Facility, will be used to assist Relativity to target acquisitions and productions in film, television, music and sports.
The facility may also be used to pay down the company’s debt in what the press release said would be “more than two years ahead of schedule.”
OneWest Bank acted as lead arranger, lead book-runner and administrative agent for the Ultimates Facility and committed $50m. Barclays served as co-lead arranger, joint book-runner and syndication agent and also committed $50m after a six-month period of due diligence.
City National Bank also participated in the financing, committing $15m. A number of additional banks are currently in discussion to participate as well.
The announcement comes less than one year after Relativity announced a $350m round of debt refinancing comprising approximately $100m in senior debt and the remainder coming from Relativity head Ryan Kavanaugh [pictured] and equity holders.
Separately, the company’s television arm RelativityREAL has launched the YouTube channel COIN, focusing on the lives and businesses of entrepreneurs.
The channel will feature 25 original and interactive web-series such as HR, $wag and Career Day, which amounts to more than 20 hours of content in its first year.