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Published: Tuesday February 7, 2012 MYT 9:08:00 AM
MGM secures $500 mln loan to expand film, TV slate
LOS ANGELES (Reuters) - Metro-Goldwyn Mayer said its lenders agreed to loan the studio $500 million to retire debt it took on when it emerged from bankruptcy about a year ago and to expand its film and TV production.
The revolving credit facility replaces a term loan and smaller revolving facility the studio received as part of a pre-packaged bankruptcy in which its lenders exchanged $4 billion in outstanding debt for equity valued at about $2 billion.
The studio also hired Gary Barber and Roger Birnbaum, who ran the production company, Spyglass Entertainment, to operate the company.
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