Mumbai: Entertainment One Ltd. (E1) announced that it has agreed to a new four-year $150 million senior credit facility led by JP Morgan. This will replace the company’s existing debt facilities and will provide additional capital to the Company for continued future growth.
Along with JP Morgan,participating banks also include Bank of America, Barclays and TorontoDominion Bank.
As part of the financing, E1 has commissioned an independent third party report that has valued its film and music library – which currently includes over 3,700 film titles and approximately 15,000 music tracks – in excess of $175 million.
E1 CEO Darren Throop said, "This new facility is another key element of the company’s strong balance sheet, supporting our strategy to build the world’s leading independent international film and television distribution business. The company now has additional capital to pursue further opportunities for additional growth in our core markets."
"The $175 million plus content library highlights the value we are creating as we develop the business," added Throop. JP Morgan managing director David Shaheen said, "Securing this facility in the current market is a significant achievement for E1, and is testament to the success of the business and the belief in the company’s ability to achieve its ambitions."
Since listing on AIM in March 2007, E1 has made significant progress inrapidly building an international film distribution business. In July 2008, the company announced the acquisitions of Blueprint Entertainment Corp. andBarna-Alper Productions Inc., the Canadian television production businessalongside Maximum and Oasis Pictures Inc., the Canadian film and television distribution businesses. These followed the acquisitions last year ofContender in the UK, Seville in Canada and RCV in Holland and Belgium.