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Legendary in Talks to Raise $700 Million Debt Finance

Legendary Entertainment is to tap the financial markets for up to $700 million of debt, according to reports.

The Thomas Tull-led studio currently has a $600 million credit facility from JP Morgan Chase and Bank of America which expires in 2016.

It is seeking to replace that credit line and is in discussion with the same two financial institutions, according to Bloomberg News.

Bloomberg reports that demand from lenders is high and that the replacement funding could expand to $700 million. That is despite an unusually weak patch for Legendary, which has seen both “Seventh Son” and “Blackhat” disappoint this year at the box office.

Legendary, however, is providing finance for “Jurassic World,” a sequel for Universal to Steven Spielberg’s iconic “Jurassic Park.” The company also has financial support from Japan’s Softbank, which made an equity investment of $250 million for some 10% of the company in October and could increase its investment to $1 billion in stages by 2018.

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