Electric Entertainment announced the company has raised $60 million from a syndicated corporate credit facility with SunTrust Robinson Humphrey.
The funds will be initially used to finance the third season of The Outpost for The CW and the first season of Almost Paradise for WGN America. The credit facility will also support the continued growth of the company’s sales and distribution arm, Electric Distribution, which recently acquired the international sales rights to FilmRise’s library and which handles the worldwide rights to theatrical releases such as Just Noise and Penthouse A.
Jeff Gonzalez, chief financial officer at Electric Entertainment, said, “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.”