B’buster ups credit line

Blockbuster Entertainment Corp., one of two backers of Viacom Inc.’s bid for Paramount Communications Inc., said it has boosted its revolving credit line to $ 1 billion.

In a filing with the Securities and Exchange Commission, Blockbuster said lenders have agreed to make advances of up to $ 1 billion on an unsecured basis for a term of 40 months.

This will apparently triple the dollar amount of the old agreement.

The new pact amends an October 1992 agreement with lenders, the filing said. Blockbuster said then that it had a $ 325 million revolving line of credit.

Blockbuster officials could not be reached for comment.

Viacom has been said to be engaged in talks with Blockbuster and Nynex Corp. to increase their combined $ 1.8 billion investment in Viacom.

Paramount’s board of directors agreed last week to be acquired by QVC Network Inc., and advised its shareholders to embrace QVC’s bid offer over Viacom’s.

The credit agreement is among certain financial institutions and Bank of America National Trust and Savings Assn., the filing said.

More Biz

  • Yueting (“YT”) Jia LeEco CEO

    LeEco Unit to Resume Share Listing As Restructuring Continues

    Blockbuster Entertainment Corp., one of two backers of Viacom Inc.’s bid for Paramount Communications Inc., said it has boosted its revolving credit line to $ 1 billion. In a filing with the Securities and Exchange Commission, Blockbuster said lenders have agreed to make advances of up to $ 1 billion on an unsecured basis for […]

  • Judge Judy CBS series

    'Judge Judy' Faces $4.75 Million Lawsuit Over Sale of Show's Library

    Blockbuster Entertainment Corp., one of two backers of Viacom Inc.’s bid for Paramount Communications Inc., said it has boosted its revolving credit line to $ 1 billion. In a filing with the Securities and Exchange Commission, Blockbuster said lenders have agreed to make advances of up to $ 1 billion on an unsecured basis for […]

  • The Rose Bette Midler

    Bette Midler Film 'The Rose' to Be Adapted On Broadway

    Blockbuster Entertainment Corp., one of two backers of Viacom Inc.’s bid for Paramount Communications Inc., said it has boosted its revolving credit line to $ 1 billion. In a filing with the Securities and Exchange Commission, Blockbuster said lenders have agreed to make advances of up to $ 1 billion on an unsecured basis for […]

  • John Conboy and Donna MillsArchive PhotosJune

    John Conboy, Producer of 'The Young and the Restless,' 'Guiding Light,' Dies at 83

    Blockbuster Entertainment Corp., one of two backers of Viacom Inc.’s bid for Paramount Communications Inc., said it has boosted its revolving credit line to $ 1 billion. In a filing with the Securities and Exchange Commission, Blockbuster said lenders have agreed to make advances of up to $ 1 billion on an unsecured basis for […]

  • Bill Cosby to Hold Comedy Show

    Bill Cosby Announces Comedy Show Ahead of Sexual Assault Retrial

    Blockbuster Entertainment Corp., one of two backers of Viacom Inc.’s bid for Paramount Communications Inc., said it has boosted its revolving credit line to $ 1 billion. In a filing with the Securities and Exchange Commission, Blockbuster said lenders have agreed to make advances of up to $ 1 billion on an unsecured basis for […]

  • THE TONIGHT SHOW STARRING JIMMY FALLON

    Childish Gambino Signs With RCA, New Music on the Way

    Blockbuster Entertainment Corp., one of two backers of Viacom Inc.’s bid for Paramount Communications Inc., said it has boosted its revolving credit line to $ 1 billion. In a filing with the Securities and Exchange Commission, Blockbuster said lenders have agreed to make advances of up to $ 1 billion on an unsecured basis for […]

More From Our Brands

Access exclusive content