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Lionsgate Refinancing $450 Million In Debt

Transactions will save over $20 million in annual costs

Lionsgate is refinancing $450 million of its existing high-yield debt in a move that will save over $20 million annually in interest expense.

The studio made the announcement Monday in an 8-K filing with the Securities and Exchange Commission.

Lionsgate, the studio behind Jennifer Lawrence’s “The Hunger Games,” made a similar move last year when it paid off the $500 million term loan it used to buy Summit Entertainment two years early — which generated $10 million in annual savings.

Lionsgate announced a pair of transactions in Monday’s filing — a private placement of $225 million of senior secured notes at 5.25% and due in 2018; and  another $225 million in term loans.

The company said it used the proceeds, along with cash on hand and borrowings under its revolving credit facility, to pay off its 10.25% senior senior notes due in 2016.

Lionsgate stock has tripled in value since it bought Summit in January, 2012.

SEE ALSO: Lionsgate pays off Summit term loan early

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