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Metro-Goldwyn-Mayer $2.4 billion credit facility to launch Wednesday
By Sara Rosenberg
New York, April 5 - Metro-Goldwyn-Mayer is scheduled to hold a bank meeting on Wednesday for a proposed $2.4 billion credit facility, according to an informed source. Bank of America and JPMorgan are the lead banks on the deal, with Bank of America listed on the left.
The credit facility consists of a $1.6 billion term loan B talked at Libor plus 250 to 275 basis points, a $400 million revolver talked at Libor plus 225 to 250 basis points and a $400 million term loan A talked at Libor plus 225 to 250 basis points, according to the source.
Proceeds will be used to fund a shareholder distribution and refinance existing debt.
Metro-Goldwyn-Mayer is a Los Angeles entertainment content company.
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