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CIT, Others Provide $145 Million in Strategic Financing to Jam City

January 17, 2019, 07:25 AM
Filed Under: Media

Jam City, Inc., a leader in mobile entertainment, announced $145 million in strategic financing jointly led by JPMorgan Chase Bank, N.A. and Bank of America Merrill Lynch, and a syndicate of lenders including Silicon Valley Bank, SunTrust Bank and CIT Bank, N.A. The financing will support Jam City’s acquisitions and global growth initiatives. The announcement follows Jam City’s recent multi-year game development deal with Disney and expansion to Toronto.

“In a global mobile games market that is consolidating, Jam City could not be more proud to be working with JPMorgan, Bank of America Merrill Lynch, Silicon Valley Bank, SunTrust Bank and CIT Bank to strategically support the financing of our acquisition and growth plans,” said Chris DeWolfe, co-founder and CEO of Jam City. “This $145 million in new financing empowers Jam City to further our position as a global industry consolidator. As we grow our global business, we are honored to be working alongside such prestigious advisers who share Jam City’s mission of delivering joy to people everywhere through unique and deeply engaging mobile games.”

Founded in 2010, Jam City is a leader in mobile entertainment, comprised of a world class team of 650+ game developers, artists, data scientists, narrative designers, engineers and marketers. Jam City is the creative powerhouse behind some of the highest grossing and most enduring social gaming franchises for mobile, including Cookie Jam and Panda Pop. Jam City is the go-to studio for Hollywood, having developed immersive, narrative rich mobile games around iconic entertainment brands including Harry Potter (one of Google Play's Games of The Year for 2018), Family Guy and Disney’s Emoji Blitz.

“Jam City is executing ambitious plans for new game development, expansion of core franchise games, and building the industry’s very best live game operations,” said Josh Yguado, President and Chief Operating Officer at Jam City. “Additional investment in our creative and technical operations further position Jam City as the premier partner for IP owners, game development studios, and industry talent worldwide.”

JPMorgan served as Sole Bookrunner and Joint Lead Arranger with Bank of America Merrill Lynch on the credit facilities. The bank group also includes Silicon Valley Bank, SunTrust Bank and CIT Bank.

Cravath, Swaine & Moore LLP and Fenwick & West LLP provided legal counsel to the bank group and the Company, respectively. Both the credit facilities and the acquisitions are subject to customary closing conditions.

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