Spyglass Entertainment has closed a $250 million, five-year revolving credit facility with JPMorgan Securities.
New coin will help finance future production and acquisition activity amounting to five pics annually. It will include pics under the shingle’s nonexclusive, first-look production and co-financing pact recently inked with Sony’s Columbia Pictures.
Spyglass had previously set up a $200 million credit line with JPMorgan Chase that expired at the end of March.
Shingle recently produced “Connie & Carla,” starring Nia Vardalos and Toni Collette for Universal.
Upcoming pics include “Mr. 3000,” starring Bernie Mac and Angela Bassett for Disney.
Shingle, founded in 1998 by co-chairmen and co-CEOs Gary Barber and Roger Birnbaum, has also begun production on an adaptation of “The Hitchhiker’s Guide to the Galaxy” for Disney and family comedy “The Pacifier,” directed by Adam Shankman and starring Vin Diesel.
This fall the shingle will finance and produce “Four Christmases,” to be directed by Shankman, and three other pics: “The Invisible,” “Mute Witness” and “Bunny Lake is Missing.”
Spyglass originally aimed to raise $200 million but added another $50 million due to stronger-than-expected demand from the finance community.
“Our enthusiasm for Spyglass has been validated by the overwhelming response from the banking community, and the upsizing of the credit facility is a testament to both Spyglass’ strong management team and sound business model, which includes ownership of a growing film library,” said John Miller, managing director of JPMorgan.
JPMorgan led a consortium of 15 lenders including Union Bank of California, Royal Bank of Scotland, Vereins Und-westbank, BNP Paribas, Societe Generale, ING, Fleet Bank, US Bank, City National, HSBOC, Manufacturers Bank, Mercantile National Bank, Bank Leumi, Israel Discount Bank and Cathay Bank.