Banks Extend Open Road's $100 Million Loan Though 2018

Banks Extend Open Road's $100 Million Loan Though 2018

Open Road's films have grossed more than $280 million at the U.S. box office over the past two years

Open Road Films has reached a deal with its lenders to extend its $100 million revolving credit facility through 2018, allowing the midsized distributor more financial flexibility by allowing it to keep borrowing at a lower cost.

Open Road's facility had been set to expire this year.

Co-owned by theater chain giants Regal Entertainment Group and AMC Entertainment, Open Road has distributed 10 movies over the past couple years, including "The Grey," "End of Watch," "Side Effects" and "Jobs."

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Those movies, all of which were made for slight to moderate budgets, have generated more than $280 million at the domestic box office.

"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," CEO Tom Ortenberg said in a statement.

Bank of America Merrill Lynch's Daniel Timmons said his company and its banking partners are thrilled to continue to provide capital for Open Road's growth.

Open Road's upcoming releases include JFK drama "Parkland," "Machete Kills" and "Homefront."