Summit Entertainment sets Tuesday launch for $800 million facility

By Sara Rosenberg

New York, Jan. 26 - Summit Entertainment LLC has scheduled a bank meeting for 10 a.m. ET on Tuesday at the New York Barclay InterContinental Hotel to launch its proposed $800 million senior secured credit facility (B1/B), according to a market source.

JPMorgan and UBS are the co-lead arrangers on the deal, with JPMorgan the left lead.

The facility consists of a $200 million five-year revolver and a $600 million seven-year term loan.

Proceeds will be used to repay existing debt, for working capital needs and general corporate purposes and to fund a dividend.

Summit Entertainment is a Santa Monica, Calif.-based independent film studio.

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