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East West Bank Provides $19MM Revolver for Cinedigm

April 03, 2018, 07:18 AM
Filed Under: Technology

Cinedigm Corp. announced that it entered into a credit facility with East West Bank consisting of a maximum of $19 million in revolving loans at any one time outstanding having a maturity date of March 31, 2020 which may be extended for two successive periods of one year each at the sole discretion of East West Bank so long as certain conditions are met.

“We are pleased to have closed this expanded credit facility, further strengthening our balance sheet and adding working capital to support our key business initiatives,” said Chris McGurk, Chairman and CEO, Cinedigm. “East West Bank’s EVP Bennett Pozil, FVP Everardo Gomez and their team are excellent new business partners to help support and build our business and we very much look forward to working with them.”

“The completion of this new and expanded $19 million credit facility with East West Bank is particularly timely and important given our new content distribution and OTT channel initiatives in China and the U.S. spurred by the recent majority investment in Cinedigm by Bison Capital, a leading Chinese investment company,” said Cinedigm Chief Financial Officer Jeffrey Edell.  “East West Bank, with its strong relationships and presence in China, the rest of Asia and North America, aligns perfectly with Cinedigm to support our current business and potentially provide opportunities for additional financial support as we grow.”

The proceeds of the Credit Facility will be used for the acquisition and/or distribution of content, the payment of interest and fees, working capital needs and general corporate purposes and repayment of the Company’s existing revolving credit facility.

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