Joining J.P. Morgan is a syndicate including Union Bank, Bank of America, Comerica Bank, CIT, Fifth Third Bank and SunTrust Bank.
The new facility replaces a prior $585 million credit facility with more favorable terms. Combined with its cash on the balance sheet on the closing of the new facility, Legendary will have approximately $2 billion of liquidity.
Joshua Grode, who joined Legendary as CEO just over 100 days ago, said, “We are executing the business plan that we mapped when I joined Legendary at the start of the year. This new facility and the support from the financial institutions that power our industry is validation of our strategy and another major step in cementing Legendary’s position as one of the premiere content creation companies in the world. We are continuing to be heads down on the creative work with our world-class creative team, with Mary Parent driving the film business and both Mary and Nick Pepper energizing our television business.”
Legendary’s “Skyscraper,” starring Dwayne Johnson, is set to be released on July 13. The company is also in post-production on “Godzilla: King of the Monsters” and “Detective Pikachu.” It’s co-financing “Jurassic World: Fallen Kingdom” and the upcoming films “Mortal Engines,” “Mamma Mia: Here We go Again!” and “BlacKkKlansman.”
Legendary Television recently received a second season order from Netflix for its “Lost in Space” series and is supporting an Emmy campaign for “Looming Tower.”