Summit, the studio behind the "Twilight" franchise, is close to securing $750 million in refinancing, TheWrap has confirmed.
The $550 million loan over five years and $200 million revolving credit line will be used to pay down the studio's debt and fund its upcoming slate of films, including two "Twilight" sequels.
The studio also plans to issue a dividend to several key investors.
The deal was orchestrated by J.P. Morgan and UBS and is expected to close this week. News of the refinancing was reported by the Hollywood Reporter.
In January, Summit paved the way for this week's arrangement when it received two solid but cautious credit ratings. The studio received a B grade from Standard & Poors and a B1 grade from Moody’s Investor Service.
