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Open Road Films extends $100-million credit facility

August 28, 2013|By Daniel Miller
  • Ashton Kutcher stars as Steve Jobs in "Jobs." Open Road Films, the distribution company that released the movie, has extended its $100-million revolving credit facility through 2018.
Ashton Kutcher stars as Steve Jobs in "Jobs." Open Road Films,… (Glen Wilson / AP )

Open Road Films, the distribution company that released this summer's "Jobs," has extended its $100-million revolving credit facility through 2018.

The company, which was founded in 2011 by exhibitors AMC Entertainment and Regal Entertainment Group, said the new credit facility would allow it to reduce borrowing costs.

Lenders Bank of America, Union Bank, OneWest Bank and Wells Fargo all renewed their commitments with the Los Angeles-based film company.

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"In two years, Open Road has exceeded expectations, and we are proud to have done this with the backing of Bank of America, Union Bank, OneWest Bank and Wells Fargo," Tom Ortenberg, chief executive of Open Road, said in a statement. "Our parent companies, AMC Entertainment and Regal Entertainment Group, have been terrific partners, and we greatly appreciate the support they have given us each and every day.”

Open Road's "Jobs," about Apple Inc. co-founder Steve Jobs, was released Aug. 16 and has grossed $12.3 million domestically. Open Road acquired the film on the eve of this year's Sundance Film Festival, where the movie debuted. 

Among the company's upcoming releases are Robert Rodriguez's "Machete Kills" and 3-D animated film "The Nut Job."

ALSO:

Ashton Kutcher's 'jOBS' sells to Open Road before Sundance 

'End of Watch' beats 'House at the End of the Street' for No. 1

'Skyfall' reclaims the No. 1 spot as Gerard Butler suffers another flop

Daniel Miller

daniel.miller@latimes.com

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