Legendary Entertainment has a $600 million credit facility with JP Morgan Chase and Bank of America that matures next year, and could use cash to help fund its films. That’s why Thomas Tull’s studio is talking to the two financial services firms about the new $700 million loan, Bloomberg reports, citing “people involved in the discussions.”
With interest rates near all-time lows, lenders like the independent studio that is behind the upcoming Jurassic World and backed recent extravaganzas including Interstellar, Pacific Rim and Godzilla. Late last year Japan’s SoftBank invested $250 million in Legendary as they formed a joint venture to exploit the production company’s intellectual property rights worldwide. That includes TV, digital, licensing and merchandising on various platforms — with a focus on the China and India markets.
Last month the studio named Clint Kisker its EVP Business Development, to help with acquisitions and development in digital media, virtual and augmented reality content, and sports.