The Hollywood hybrid financer-talent enterprise that is the outsourcing programmer for The CW’s Sunday primetime schedule said late Monday that it received a three-year, $350 million revolving credit line from JPMorgan Chase.
Media Rights Capital said it received $295 million and has up to one year to close on the remaining $55 million.
An MRC press release from co-CEOs Asif Satchu and Modi Wiczyk noted with satisfaction that the borrowing occurred despite “the worst week in United States credit markets in more than 75 years. The new facility will be used to provide additional capital for expanded film, television and digital projects.”
Besides JPMorgan Chase as administrative agent, the credit facility has Comerica as issuing bank and collateral agent. They lined up a syndicate of banks to share the loan including Bank of America, Union Bank, Citibank, Royal Bank of Scotland, C.I.T., USBank, City National Bank and First California Bank.
“In less than one year, against a backdrop of debilitating labor unrest in the entertainment industry and an economy that has been shaken from core capital providers to consumers, MRC has initiated production on eight major movies, 10 television programs across the major network and cable outlets, five digital-content campaigns, undertaken The CW Sunday-night programming and entered into a long-term international output alliance,” Satchu and Wiczyk said in a statement.
