The company led by Bill Lee has secured senior revolving credit facilities and a term loan facility as it seeks to grow the film slate and the business.

SunTrust Robinson Humphrey led the facilities as sole lead arranger and sole bookrunner and SunTrust Bank as administrative agent, along with a consortium of institutions including Pacific Mercantile Bank and Preferred Bank.

The capital raise helped finance the management buy-out that CEO Lee led in partnership with Virgo Investment Group that was announced in August.

The facilities provide for a $20m term loan as well as a $20m revolving line of credit with an additional accordion feature for future growth opportunities.

“We’re thrilled to close this facility agreement so soon after forging our relationship with Virgo,” said Lee. “This marks yet another milestone for us and we believe our partnership with SunTrust will play a large role in realising our long-term objectives.”

Pursuant to the buy-out Millennium will announce a name change in due course.