Lionsgate sets $110 mil movie slate

Gets financing via JPMorgan-led consortium

TORONTO -- Lionsgate has set a new 3 1/2-year, $110 million movie slate financing pact with a banking consortium led by JPMorgan Chase.

In an 8K regulatory filing Tuesday, Vancouver-based Lionsgate said $110 million has already been committed from lenders, who include Union Bank and Wells Fargo Bank, with the facility possibly to grow to $200 million as new lenders come on board the syndicate or existing lenders increase their commitments.

The revolver, to cover an unspecified number of films, will have an interest rate equal to LIBOR plus 325 basis points on borrowings, with a facility fee equal to 0.75%, payable on the outstanding commitments.

The new film financing facility is separate from a five-year, $340 million credit facility that Lionsgate already has in place with JPMorgan Chase, its main banker, and which is used for general corporate purposes.

The new facility also helps replace Lionsgate's now-terminated Pride Pictures financing arrangement.

Lionsgate is also funding films on its own, or securing financing partners like Lakeshore on "Crank" and "Haunting in Connecticut" or Relativity on "3:10 to Yuma," "The Bank Job" and "Forbidden Kingdom."

After Lionsgate lost $125 million on its fiscal 2009 film slate, the studio called for a more disciplined growth in future production.

Lionsgate plans to release 11 films in the current year, before it goes up to 14 films in fiscal 2011.