Los Angeles-based production and distribution company Electric Entertainment has announced the closing of a $100 million loan credit facility with Bank of America.
The five-year agreement will be initially used for the expansion of Electric’s production slate that includes “Leverage: Redemption,” “The Ark” and “Almost Paradise,” among other programs.
“This facility is our largest to date, exemplifying Bank of America’s recognition of Electric’s continuous growth,” Jeff Gonzalez, CFO of Electric Entertainment, said in a statement. “The credit agreement allows us to continue on our quickly moving trajectory.”
“With the advent and continuation of the streaming industry’s growth, we have been lucky to continue to do what we do best — create original scripted programs that audiences love,” Dean Devlin, CEO of Electric Entertainment, said in a statement. “With not only our broadcast, but now our streaming channel and platform partners, our content is in higher demand as our distribution expansion has become far-reaching.”
In the past year, the company produced three TV series — all streaming platform and broadcast originals. Electric is currently wrapping up production on its second season of “Leverage: Redemption,” the spin-off continuation of “Leverage,” one of Amazon Freevee’s first original programs. “Almost Paradise,” which originally aired on WGNA, has been greenlighted for a second season for Freevee and is currently in production. In addition, Electric’s new series “The Ark” just wrapped and will air as a SYFY Channel original.
“Bank of America was pleased to work closely with Dean and the Electric Entertainment management team to help them chart their future growth,” Randy Hua, head of the Entertainment Industries Group at Bank of America, said in a statement. “Electric has a strong pipeline of creative broadcast and streaming projects and can continue to increase their influence through diverse channels.”
Electric also has its own app ElectricNow, a premium OTT linear channel and app containing programs produced and acquired by the company. It can be found on the Roku Channel, Plex, STIRR, Local Now, Sling TV, Tivo Plus, Freevee, XUMO and Samsung.