×

Legendary Entertainment Closes $1 Billion Credit Facility

Legendary Entertainment has closed a $1 billion senior secured revolving credit facility led by J.P. Morgan.

The financing was announced Thursday by Legendary chief executive officer Joshua Grode. Joining J.P. Morgan is a syndicate of entertainment banks, including Union Bank, Bank of America, Comerica Bank, CIT, Fifth Third Bank, and SunTrust Bank.

The new facility replaces a prior $585 million credit facility with more favorable terms. Combined with its cash on the balance sheet on the closing of the new facility, Legendary will have approximately $2 billion of liquidity.

Legendary said the new facility was significantly oversubscribed and the participation of the entertainment lenders is confirmation of Legendary’s strength as the studio’s film and television slates continue to ramp up under new management.

Grode was named late last year as the new CEO of Legendary Entertainment, nearly a year after the departure of founder Thomas Tull. He had served as an adviser to Legendary and its parent company, the Dalian Wanda Group, which had bought Legendary in 2016 and has been undergoing a retrenchment.

Grode, who joined Legendary just over 100 days ago, stated: “We are executing the business plan that we mapped when I joined Legendary at the start of the year. This new facility and the support from the financial institutions that power our industry is validation of our strategy and another major step in cementing Legendary’s position as one of the premiere content creation companies in the world. We are continuing to be heads down on the creative work with our world-class creative team, with Mary Parent driving the film business and both Mary and Nick Pepper energizing our television business.”

“Legendary is an important name in the industry, with a strong balance sheet and deep support from the entertainment banking community that enables robust investment across its content platform,” said David Shaheen, head of entertainment industries for J.P. Morgan’s Corporate Client Banking Group.

Legendary’s “Skyscraper,” starring Dwayne Johnson, is set to be released on July 13. The company is also in post-production on “Godzilla: King of the Monsters” and “Detective Pikachu.” It’s co-financing “Jurassic World: Fallen Kingdom” and the upcoming films “Mortal Engines,” “Mamma Mia: Here We go Again!” and “BlacKkKlansman.”

Legendary Television recently received a second season order from Netflix for its “Lost in Space” series and is supporting an Emmy campaign for “Looming Tower.”

More Film

  • Brett Leonard Boards 'Elijah'

    Film News Roundup: 'Lawnmower Man' Director Brett Leonard Boards 'Elijah'

    In today’s film news roundup, “Elijah” gets a director, a French fry documentary starts shooting and “Uglydolls” moves its release date forward. PROJECT LAUNCH Brett Leonard, best known for directing ”The Lawnmower Man” and “Virtuosity,” will direct the supernatural feature film “Elijah,” based on the Old Testament prophet. The project is set up at Winter [...]

  • SAG-AFTRA HQ

    SAG-AFTRA Commercial Negotiations Set for February

    With no fanfare, SAG-AFTRA and the ad industry have set a mid-February start for negotiations for a successor deal to the union’s master contract, Variety has learned. The current three-year deal — which covers about $1 billion in annual earnings — expires on March 31. SAG-AFTRA and the Joint Policy Committee of the ad industry [...]

  • SONDRA LOCKESONDRA LOCKE - 1986

    Oscar Nominee Sondra Locke Dies at 74

    Actress and director Sondra Locke, who received a supporting actress Oscar nomination in her first movie role for “The Heart is a Lonely Hunter,” died Nov. 3 at 74. The Los Angeles County Public Health Department confirmed her death. She died due to breast and bone cancer, according to Radar Online, which reported that she [...]

  • Clint Eastwood and Alison Eastwood'The Mule'

    Clint Eastwood: Why Alison Eastwood Came Out of Acting Retirement for Her Dad

    Clint Eastwood’s daughter Alison Eastwood was done with acting after appearing in 2014’s “Finding Harmony.” Or so she thought. It was a Friday night and she and her husband were heading to dinner when her father’s producer Sam Moore called. “He [says], ‘You know, your dad wants you to do this film,” Alison recalls. “I [...]

  • 'Dead Women Walking' Review: Uncompromising, Powerful

    Film Review: 'Dead Women Walking'

    The sober and gripping “Dead Women Walking” focuses on the final days of a series of female inmates facing the death sentence. Divided into nine chapters, each inching its way inexorably closer to the moment of execution, the drama turns the fragmentation of its approach to a powerful advantage. Not only do the individual stories [...]

  • Sam Mendes

    Sam Mendes' World War I Drama '1917' Set for Awards-Season Launch on Christmas 2019

    Universal Pictures has given an awards-season release date of Dec. 25, 2019, to Sam Mendes’ World War I drama “1971.” Steven Spielberg’s Amblin Partners is producing “1917” through its DreamWorks Pictures brand. “1917” will open in limited release on Christmas Day then go wide two weeks later on Jan. 10, 2020. Mendes wrote the script [...]

  • Ventana Sur Queer Latin Film Panel

    Ventana Sur: Panel Talks Merits, Setbacks in Latin Queer Cinema

    BUENOS AIRES — Four venerable professionals from the cinema world joined on Monday evening for Queer Cinema In Latin America, a frank discussion on Latin America’s role within the queer filmscape for Ventana Sur’s Industry conference series held at the UCA campus in Buenos Aires. Touching on advancements in character arc and notable achievements in [...]

More From Our Brands

Access exclusive content