MGM gets approval of $500 million exit financing commitment letter

By Lisa Kerner

Charlotte, N.C., Nov. 12 - Metro-Goldwyn-Mayer Inc. was granted court approval on Friday to enter into a commitment letter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC for a proposed $500 million in exit financing, according to an attorney familiar with the case.

As previously reported, the exit financing includes a six-year term loan facility and a five-year revolving credit facility.

Under the commitment letter, J.P. Morgan Securities is the lead arranger and bookrunner for the exit financing, and JPMorgan Chase Bank will provide up to $75 million of the financing.

MGM, a Los Angeles-based motion picture, television, home video and theatrical production and distribution company, filed for bankruptcy on Nov. 3. The Chapter 11 case number is 10-15774.

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