Canadian media conglomerate Entertainment One (E1) has signed a four-year $150m credit facility led by US private bank JP Morgan.
The new rotating line of credit will replace the company's existing debt facilities and provide capital for further expansion. Morgan leads a syndicate including Bank of America, Barclays and Toronto Dominion Bank.
Speaking to Screen International, E1 CEO Darren Throop said, 'This speaks to the strength of our balance sheet. Our numbers continue to be solid. And important media banks are buying into it.'
In order to establish a collateral mix, the company had to undertake an independent valuation of its catalogue: its 3,700 film titles and approximately 15,000 music tracks were pegged in excess of $175m.
In a statement, JP Morgan managing director David Shaheen said securing such a facility was a significant achievement given the current market. Throop said the market had only got worse since E1 and Morgan began talks several months ago.