Senator lands $66 mil credit line

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BERLIN -- German distributor and producer Senator Entertainment has secured a €50 million ($66.1 million) line of credit to bankroll upcoming productions, the company said Wednesday.

The financing, from investment bank Capitoline Global Finance, will take the form of securities, with Senator putting up projected future revenue of selected films as a guarantee.

Senator and Capitoline Global Finance signed for the first €10 million ($13.2 million) installment Tuesday.

Senator CEO Helge Sasse said the cash will be used to boost production at Senator and expand the company's distribution business. Sasse added that Senator also plans to expand into new areas, including television production.

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