April 2 (Bloomberg) -- Relativity Media LLC, the independent movie and television studio run by Ryan Kavanaugh, raised a $115 million credit facility to buy and produce movies and television shows.
The five-year revolving credit facility was arranged by OneWest Bank, Barclays Plc and City National Bank, the companies said in a statement yesterday. OneWest and Barclays plan to seek additional participants to boost the facility to $300 million over the next year, according to the statement.
Relativity, whose investors include Yucaipa Cos. founder Ron Burkle, plans to double its release slate to 10 films this year, with movies including the Mafia drama “Malavita,” starring Robert DeNiro and Tommy Lee Jones, and “Out of the Furnace,” featuring Christian Bale.
The new financing follows a $350 million loan Relativity raised last year, also to fund expansion.
Burkle acquired a stake in Relativity in January 2012 by purchasing Elliott Management Corp.’s minority holding, two people with knowledge of the situation said at the time. In July, Yucaipa and Relativity formed Relativity Sports, a management agency for professional athletes, according to the studio’s website.
To contact the reporter on this story: Michael White in Los Angeles at firstname.lastname@example.org
To contact the editor responsible for this story: Anthony Palazzo at email@example.com