Long-term debt now stands at $14.7 mil
Marvel Enterprises, its coffers swelled by the success of “Spider-Man,” announced Wednesday that it prepaid $10 million of long-term bank debt at the end of August to HSBC Bank USA.
Long-term debt now stands at $14.7 million, while Marvel’s cash position rose to $47 million by the end of August from $22 million in December.
“A primary use of our growing cash flows will be to opportunistically deleverage our balance sheet, improve our capital structure and reduce related interest expense,” Marvel CEO Peter Cuneo said in a statement.
Marvel stock rose 2.64% to $5.44.
The company nearly doubled its revenue last quarter and swung to a profit as Sony’s “Spider-Man” — based on the Marvel comic — passed $800 million at the worldwide box office.