Metro-Goldwyn-Mayer Inc. (MGMB), the independent film studio that produces the James Bond films, raised $300 million in new funds, $100 million more than initially sought.
“This additional financial capacity further strengthens our balance sheet and positions us to capitalize on the opportunities in front of us,” Chairman and Chief Executive Officer Gary Barber said in the statement.
Film and television companies are benefiting from the lowest rates since the financial crisis as banks that retreated from movie lending have returned to compete with stalwarts like JPMorgan.
The loan had originally been expected to price at around 5.5 percent to 5.75 percent, a person familiar with the matter said on June 19. MGM also has a $665 million revolving credit facility outstanding, which wasn’t drawn as of March 31, according to financial statements posted on its website.
In November, the studio joined with Danjaq LLC, the longtime Bond films producer, to acquire all rights to the fictional British secret agent held by the estate and family of the late screenwriter Kevin McClory.
The accord ended legal and business disputes that have arisen over 50 years, the parties said at the time.
Twenty-four films dating back to “Dr. No” in 1963 have grossed $1.91 billion in U.S. theaters, according to Box Office Mojo, an industry researcher. The most recent, the 2012 release “Skyfall,” took in $1.1 billion in worldwide ticket sales and $304.4 million domestically.
The studio also owns rights to “The Hobbit” film series.
MGM emerged from bankruptcy in December 2010 and in July 2012 filed for a possible initial public offering after spurning a takeover bid from Lions Gate Entertainment Corp. The studio today declined to comment on the IPO plans.
Shares of MGM Holdings Inc., which trade on a limited basis over the counter, were last quoted at $78.25 on June 11, according to data compiled by Bloomberg. The company had 53.8 million shares outstanding as of March 31, according to the first-quarter earnings report.
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