Marvel Entertainment retires $13.3 million mezzanine floaters

By Susanna Moon

Chicago, Nov. 4 - Marvel Entertainment, Inc. said it repurchased all of the outstanding $13.3 million of mezzanine notes under its film slate facility during the third quarter.

Interest on the notes was Libor plus 700 basis points.

Marvel said the repurchase of the entire mezzanine tranche, which was the highest-cost piece of the film slate facility, significantly reduces its future net interest expense on the film slate facility.

The repurchase of outstanding mezzanine debt helped reduce debt under Marvel's film facilities to $182 million at Sept. 30 from $262 million at June 30, according to the company's quarterly earnings release.

As of Sept. 30, Marvel had cash and equivalents of $145.4 million with no outstanding borrowing under its $100 million line of credit with HSBC Bank.

Marvel Entertainment is a character-based entertainment and licensing company based in New York.

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