JPMorgan Chase Bank acted as sole bookrunner and, alongside Bank of America Merrill Lynch, joint lead arranger on $145 million in strategic financing for mobile game developer Jam City.
Silicon Valley Bank, SunTrust Bank and CIT Bank participated as syndicated lenders on the facility.
The financing will be used to support Jam City’s acquisitions and global growth initiatives. It follows Jam City’s recent multi-year game development deal with Disney and expansion to Toronto.
“In a global mobile games market that is consolidating, Jam City could not be more proud to be working with JPMorgan, Bank of America Merrill Lynch, Silicon Valley Bank, SunTrust and CIT to strategically support the financing of our acquisition and growth plans,” said Chris DeWolfe, co-founder and CEO of Jam City. “This $145 million in new financing empowers Jam City to further our position as a global industry consolidator. As we grow our global business, we are honored to be working alongside such prestigious advisers who share Jam City’s mission of delivering joy to people everywhere through unique and deeply engaging mobile games.”
Founded in 2010, Jam City employs over 650 game developers, artists, data scientists, narrative designers, engineers and marketers and has created some of the highest grossing social gaming franchises for mobile, including Cookie Jam and Panda Pop.
“Jam City is executing ambitious plans for new game development, expansion of core franchise games, and building the industry’s very best live game operations,” said Josh Yguado, Jam City president and chief operating officer. “Additional investment in our creative and technical operations further position Jam City as the premier partner for IP owners, game development studios and industry talent.”
Both the credit facilities and the acquisitions are subject to customary closing conditions.
Cravath, Swaine & Moore and Fenwick & West provided legal counsel to the bank group and Jam City, respectively.
