Electric Entertainment Secures $60 Million Financing Deal

Electric Entertainment has closed a $60 million syndicated corporate credit facility, with the financing to be used to expand the production slate and to continue to grow the sales and distribution business.

The access to the funds in this facility will initially be used to finance the third season of The Outpost, on The CW, along with the first season of Almost Paradise, which will air on WGN America in early spring 2020.

The recent acquisition of the international sales rights for the FilmRise library will contribute to Electric’s continued growth of its worldwide sales and distribution arm.

Jeff Gonzalez, chief financial officer of Electric, said: “The Electric library has grown substantially since it produced the first season of Leverage 12 years ago. Our company has a vast library of TV programming that provides an excellent foundation to establish a company-wide credit facility so it may continue its rapid expansion in original scripted series programming. SunTrust recognizes and supports the company’s business model which makes them an excellent partner moving forward.”

“SunTrust has been an incredible partner in securing our five-year corporate credit facility, and we look forward to expanding our relationship with them in the very near future,” added CEO Dean Devlin.