Bank Opens Credit Line for Matthews Studio Group
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Burbank-based Matthews Studio Equipment Group said it has finalized a $17-million revolving credit line with Chemical Bank.
The deal will provide working capital for future operations and expansion, including acquisitions, a company official said.
The Chemical Bank credit line is secured by substantially all the assets of the company, which designs, rents and sells camera and lighting support equipment for film, television and commercials.
The company has also issued a $5-million subordinated note to ING Equity Partners, L.P.I. In exchange, ING obtains the right to acquire a 17% stake in the company.
ING Equity Partners is a private equity fund for growth financings, acquisitions and buyouts.
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