Legendary Entertainment announced on Thursday that it has completed a deal to receive a $1 billion loan, secured from a collection of banks led by J.P. Morgan. The deal comes three months into the tenure of the studio’s new CEO, Joshua Grode.
The deal replaces a previous $585 million credit facility, now with better terms, including industry-low interest rates and significant production credits that will allow the studio, which is owned by China’s Wanda Group, to borrow on the estimated performance of an upcoming film or TV release.
Among the banks partnering with J.P. Morgan on the facility are Union Bank, Bank of America, Comerica Bank, CIT, Fifth Third Bank and SunTrust Bank.