Technology

Cinedigm subsidiary receives commitment letters for credit facilities

MUMBAI: Cinedigm Digital Cinema Corp has announced that its subsidiary, Access Digital Cinema Phase 2 Corp, has received commitment letters from GE Capital‘s Media, Communications & Entertainment business and Societe Generale Corporate & Investment Banking for credit facilities totaling up to $100 million.


Access Digital Cinema Phase 2 Corp serves as the funding vehicle, administrator and technology integrator for the company‘s 10,000-screen digital cinema rollout plan. 
 
Once closed, these facilities will reportedly support the deployment of up to 2,133 digital systems as contemplated under Cinedigm‘s ongoing 10,000-screen digital cinema rollout in 2010.


Cinedigm anticipates the closing of this new loan facility, together with support from digital cinema equipment vendors Christie Digital Systems and Barco Inc, by 31 December with installations targeted to commence in early 2010.  
 
GE Capital‘s commitment covers the financing of up to about 1,600 digital systems and Societe Generale‘s commitment covers the financing of up to an additional 533 digital systems.
Both commitments by GE Capital and Societe Generale Corporate & Investment Banking are subject to certain closing conditions, including the execution of loan documentation satisfactory to GE Capital, Societe Generale and Cinedigm‘s Phase 2 subsidiary. 

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