James Packer has managed to secure a $US150 million credit facility for his LA production company RatPac Entertainment.
Launching the company about a year ago, forming a partnership with filmmaker Brett Ratner, Packer has closed a deal with a syndicate of international banks – including the Bank of America Merrill Lynch – for a credit facility worth $US150 million ($169.54 million).
Other banks include Atlanta’s SunTrust Bank, City National Bank and the Japanese-owned Union Bank.
“This credit facility is critical to RatPac’s key partnership with Warner Bros and we will continue to work hard to deepen and strengthen this relationship in the future,” Packer said.
The company says it now has a total capitalisation of up to $US225 million.
Teaming up with Dune Entertainment, RatPac announced an agreement in 2013 with US Studio Warner Bros to finance up to 75 films.
The fund has already backed Gravity which made $US700 million and The Lego Movie which grossed nearly half a billion dollars.
RatPac is now looking at expanding its business in the US and Asia.
“I am extremely happy with RatPac’s progress,” Packer said.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.