Electric Entertainment secures $100m credit facility with Bank Of America

Los Angeles-based production and distribution company, Electric Entertainment, has closed a $100m loan credit facility with Bank of America to fund its growing production slate.

The five-year agreement will be initially used for the company's expanding project portfolio which includes Leverage: Redemption, The Ark, and Almost Paradise, among other programmes. The deal will also bolster Electric’s production, sales, and distribution arms.

Over the past year, the company produced three TV series – which were all streaming platform and broadcast originals.

Dean Devlin, CEO of Electric Entertainment said: “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. 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.”

Electric is currently wrapping production on its second season of Leverage: Redemption, as part of a spin-off continuation and one of Amazon Freevee’s first original programs. While Almost Paradise, which originally aired on WGNA, has been green lit for season two for Freevee, and is currently in production. The company's new series The Ark, recently wrapped and will air as a SYFY Channel original.