Summit Entertainment Hoping To Close A $750 Million Refinancing Deal
Posted on Mon Mar 7, 2011 09:37 AM PDT

summet200.jpgLOS ANGELES, California (X17online) - Summit Entertainment is working on a new deal involving a $550 million loan and a $200 million line of credit hoping the generated cash will help to pay off a high-interest debt load.

The deal will help the movie studio to get "a solid financial footing" and pay investors a $200 million dividend, according to the Hollywood Reporter.

J.P. Morgan and UBS AG are arranging the multi-million dollar deal. A majority of the money will come from the profits generated by the Twilight franchise ... including merchandising and movie distribution.

Peak Group Holdings, as well as Summit co-chairman Rob Friedman and president Erik Feig, will be on the receiving end of the dividends.

Summit was created back in 1991, however the re-vamped company with Friedman and Wachsberger was founded in 2007.

Just last year, Summit Entertainment generated $1.5 billion in revenue.