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Entertainment Studios gets $500M in credit facilities

Byron Allen's Entertainment Studios Inc. raised $500 million in credit facilities for all of the company's corporate holdings and enterprises.

The company will use the amount for general business purposes, production, co-productions and the acquisition of other corporations.

Deutsche Bank Securities Inc., Jefferies Financial Group, Brightwood Capital Advisors and Comerica Bank organized the credit facilities. The loan was syndicated to a group of lenders that collectively manage over $500 billion in funds.

In March, Entertainment Studios, through its parent company Allen Media LLC, bought Weather Group LLC, the parent company of The Weather Channel (US) and Local Now streaming service.