Lionsgate (NYSE: LGF) announced Friday it would raise $215 million before October 21 in the form of secured notes.
The company issued this statement:
"Lions Gate Entertainment Corp. ("Lionsgate," "the Company") (NYSE: LGF) announced today that its wholly owned subsidiary Lions Gate Entertainment Inc. (“LGEI”) entered into an agreement to sell, subject to certain conditions, $236.0 million aggregate principal amount of senior secured second-priority notes due 2016 (the “Notes”) in a private offering to be conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). LGEI expects to close the offering on Wednesday, October 21, 2009, subject to the satisfaction of customary market and other closing conditions.
The company announced higher than expected earnings for the first quarter of 2009, its most recent results. Revenue rose 30 percent from the same quarter last year to to $388 million, while net income grew to 30 cents per share up from 3 cents last year. The results were boosted by stronger TV and film revenue and the acquisition of the TV Guide business.
The independent studio has beaten back moves for a possible takeover this year by minority stakeholder Carl Icahn.