On Jan. 19, Deadline reported that Summit Entertainment was in the process of raising $800 million in new funding. The company raised a total of $750 million to repay existing debt, finance production and pay a distribution to shareholders. The company was buoyed at the time by a B1 rating from Moody’s. Summit just announced it closed the deal:
LOS ANGELES, March 8, 2011 – Leading independent filmed entertainment studio Summit Entertainment confirmed today that it has closed both a new $550 million term loan as well as a $200 million revolving line of credit for a total of $750 million. Banks JP Morgan and UBS AG led the deal.
The funds are earmarked for several purposes including repayment of existing debt, development, production and distribution of feature films, working capital and corporate purposes, and a distribution to members.
The law firms of Liner Grode Stein, led by partner Josh Grode, and Sidley Austin, led by partner Gary “Skip” Stern, advised on the deal. GHL & Company served as financial advisor to Summit.