MGM debt offering oversubscribed

Metro-Goldwyn-Meyer, the studio behind the James Bond films that went through bankruptcy proceedings at the end of 2010, last week raised $300 million in debt for “general corporate purposes”.

MGM raised $300 million, $100 million more than it had been seeking, through the six year loan arranged by JP Morgan Chase and Goldman Sachs, suggesting that confidence in the 90 year old studio has recovered from its lows.

Chairman and CEO, Gary Barber, said that the finance raised would enable the studio to “capitalize on the opportunities in front of us”.

The studio’s financial problems delayed work on Skyfall by a year and resulted in an unplanned four year gap following Quantum of Solace, the largest gap between films in the history of the long-running film series without a change of actor.

Source: Fortune


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