Electric Entertainment closed a $100 million loan credit facility with Bank of America.
The five-year agreement will strengthen the production, sales, and distribution arms of the Los Angeles-based production and distribution company. The facility will initially go toward Electric’s expanding production slate.
On its production horizon, Electric is wrapping up on a second season of Leverage: Redemption, and the crime drama Almost Paradise will move forward with its second season for Amazon’s Freevee. The company’s new series The Ark also finished filming and will soon be available as a SYFY original.
Jeff Gonzalez, CFO of Electric Entertainment, commented, “This facility is our largest to date, exemplifying Bank of America’s recognition of Electric’s continuous growth. The credit agreement allows us to continue on our quickly moving trajectory.”
Dean Devlin (pictured), CEO of Electric Entertainment, remarked, “With the advent and continuation of the streaming industry’s growth, we have been lucky to continue to do what we do best – create original scripted programs that audiences love. With not only our broadcast, but now our streaming channel and platform partners, our content is in higher demand as our distribution expansion has become far-reaching.”
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