MGM raises an additional $300m in new funds

In a statement, Metro-Goldwyn-Mayer Inc. confirmed it has raised $300 million in new funds, which is $100 million more than initially sought.

JPMorgan Chase and Goldman Sachs Group arranged the six-year, 5.13% fixed-rate loan.

"This additional financial capacity further strengthens our balance sheet and positions us to capitalize on the opportunities in front of us," Chairman and Chief Executive Officer Gary Barber said.

MGM also has a $665 million revolving credit facility outstanding, which has not been drawn as of March 31, according to financial statements it has made public.

Having the credit available enables MGM to finance productions without having to partner with other studios or distributors.

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