Mandalay adds credit line of $100 mil
Mandalay Entertainment has closed a deal with London-based Coutts & Co. for a revolving credit facility in excess of $100 million, as anticipated (Daily Variety, Oct. 9, 1996).
The funding for the Sony-based company headed by Peter Guber comes in addition to an ongoing financial commitment from Sony to back five to six pics per year within the terms of Mandalay's studio pact over the next four years.
"This is yet another piece of our financial plan," said Mandalay CFO John Zabel, "and positions Mandalay to continue to excel as one of the pre-eminent suppliers of product to the overseas market."
Coutts, a subsidiary of National Westminster Bank, is leading a loan syndicate involving Sumitomo Bank and the Union Bank of California.
