Metro-Goldwyn-Mayer has completed a newly structured $1 billion five-year revolving credit facility arranged by J.P. Morgan Chase with a syndicate of lenders.

MGM, home to the James Bond franchise, made the announcement on Wednesday.

The new funding structure replaces MGM’s existing $665 million revolving credit facility and lowers its borrowing rate to LIBOR (the London Interbank Offered Rate) plus 2.25%, and augments other terms within the agreement. The company also prepaid its $300 million second lien term loan, resulting in expected interest savings of approximately $50 million over its remaining term.

“I am truly honored and humbled by the vote of confidence in MGM demonstrated by the syndicate of lenders that supported this credit facility, many of whom were part of our prior facility,” said Gary Barber, MGM’s chairman and CEO. “The size and structure of this new facility are indicative of MGM’s strong financial position and bright future, and will provide us with the financial flexibility to continue executing on our strategic growth initiatives.”

Privately-held MGM reported in May that first-quarter revenue dropped 15% to $311.3 million and disclosed a slight gain in earnings to $57.1 million from $56.8 million, thanks to increases in TV and home entertainment. MGM profits sky-rocketed 62% to $252 million last year in the wake of a strong performance by Daniel Craig’s “Spectre.”

MGM’s television content saw improvements in the wake of December’s deal for MGM to buy out the remaining 45% interest that Mark Burnett and Hearst Corp held in United Artists Media Group in deals worth $233 million total. MGM licensed new episodes of “Vikings,” “Survivor,” “The Voice,” “Shark Tank,” “Beyond the Tank” and “Lucha Underground” during the first quarter.

“Gary and the strong management team at MGM have established a tremendous track record of disciplined growth and success,” said David Shaheen, managing director of Chase’s Entertainment Industries Group. “We are very pleased to have assisted MGM in securing new capital to support their business initiatives and the additional strategic opportunities ahead of them.”

“Spectre,” the 24th James Bond movie, hauled $880 million at the worldwide box office, including $200 million in the U.S. The studio has not yet dated the 25th Bond film and it’s uncertain whether Craig will return to the franchise.