IDT Entertainment has closeda credit agreement with a bank group led by JP Morgan Chase Bank for a $125mfive-and-a-half year secured revolving credit facility to partially fundproduction and marketing costs of its first six CG animated features.
Proceeds from the facilitywill go towards financing projects already in feature production as well as theproduction, marketing and distribution of future IDT Entertainment CG animatedfeatures.
John W Miller, managingdirector and head of Western Region Corporate Banking at J P Morgan Securities,hailed IDT’s “business savvy” and “ability to attract A-list creative talent”. He added: “We see a very bright future for this entertainmentcompany and we want to continue to be a part of their ascent.'
IDT Entertainment's first CGfeature Yankee Irving iscurrently in production for a late summer 2006 release and features a voicecast led by Rob Reiner, Whoopi Goldberg, William H Macy, Brian Dennehey, andMandy Patinki.
The picture will bedistributed through IDT Entertainment's recently announced multi-picture dealwith Twentieth Century Fox.