MGM Completes $1B Credit Restructuring
Additionally, the company behind the James Bond franchise prepaid its $300 million second lien term loan.
Metro-Goldwyn-Mayer said Wednesday it completed a $1 billion credit restructuring.
The $1 billion, five-year revolving credit facility replaces MGM's existing $665 million facility while also lowering the company's borrowing rate.
Additionally, the film company behind the James Bond franchise prepaid its $300 million second lien term loan, which should save it $50 million in interest payments.
"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," said CEO and chairman Gary Barber.
In the most recent quarter, MGM posted net income of $56.8 million on revenue of $364.5 million. More recent releases include Spectre, Creed, Hot Pursuit, Poltergeist and Max.
Upcoming movies from MGM include Ben-Hur with Paramount and The Magnificent Seven with Sony.
MGM is also majority owner of United Artists Media Group, the company behind Mark Burnett reality shows like The Voice, Survivor, Celebrity Apprentice and Shark Tank, as well as faith-based programming such as The Bible miniseries.