Electric Entertainment Closes $100M Credit Facility With Bank Of America
Dean Devlin’s Electric Entertainment has closed a five-year, $100-million loan credit facility with Bank of America to fund its expanding production slate that includes Leverage: Redemption, The Ark and Almost Paradise among others.
It’s Electric’s largest facility to date as demand for content continues strong, Devlin said. “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.”
The credit agreement “allows us to continue on our quickly moving trajectory,” said CFO Jeff Gonzalez.
The deal shores up Electric’s production, sales, and distribution arms for the domestic and international OTT industry and the traditional linear space.
Electric is currently wrapping production on its second season of Leverage: Redemption, the spin-off of Leverage and one of Amazon Freevee’s first original programs. Almost Paradise, which originally aired on WGNA, has been green lit for a second season for Freevee, and is currently in production. New series The Ark just wrapped and will air as a SYFY Channel original. Other series include The Librarians and The Outpost.
Electric also has its own app, ElectricNOW with shows produced and acquired by the company.
Bank of America served as the sole lead arranger and is the administrative agent for the facility.
“Bank of America was pleased to work closely with Dean and the Electric Entertainment management team to help them chart their future growth,” said Randy Hua, Head of the Entertainment Industries Group at Bank of America. “Electric has a strong pipeline of creative broadcast and streaming projects and can continue to increase their influence through diverse channels.”
Link to article: https://deadline.com/2022/08/electric-entertainment-dean-devlin-leverage-redemption-the-ark-almost-paradise-1235089849/