Dean Devlin’s Electric Entertainment said Wednesday that it has closed a $60 million syndicated corporate credit facility, which will help finance the upcoming Season 3 of the CW’s summer fantasy adventure series The Outpost as well as Almost Paradise, WGN America’s 10-episode drama series staring Electric’s The Librarians alum Christian Kane which is aiming for a spring 2020 bow.
The move further bolsters the growth of Dean Devlin’s indie production, sales and distribution outfit. It recently acquired international sales rights for the FilmRise library and is currently selling titles including Just Noise, a historical war drama starring Harvey Keitel and Malcolm McDowell, which it acquired at Toronto; the Bella Thorne-starring Penthouse A; and dystopian pic The Deal.
SunTrust Robinson Humphrey served as the sole lead arranger of the facility, with SunTrust Bank as the administrative agent.
“The Electric library has grown substantially since it produced the first season of Leverage 12 years ago,” Electric CFO Jeff Gonzalez said. “Our company has a vast library of TV programming that provides an excellent foundation to establish a company-wide credit facility so it may continue its rapid expansion in original scripted series programming. SunTrust recognizes and supports the company’s business model which makes them an excellent partner moving forward.”
Added Devlin: “SunTrust has been an incredible partner in securing our five-year corporate credit facility, and we look forward to expanding our relationship with them in the very near future.”
Electric Entertainment also recently announced the launch of OTT linear channel ElectricNOW and the podcast network Electric Surge.
The Outpost was renewed last month following the end of Season 2, which averaged 0.13 in the 18-49 demon and 590,000 total viewers.