Image Entertainment Gets $20-Million Loan
Image Entertainment Inc., a Chatsworth supplier of movies and other entertainment on laser discs, said it borrowed $20 million from a financial institution that was not identified.
Image said it will use the cash to pay off $14.1 million of existing debt, and for expansion. The secured financing involved $15 million in five-year notes bearing 11% annual interest, and $5 million in seven-year notes with 13% interest.
The lender also received warrants entitling it to purchase 7.5% of Image’s common stock under certain conditions, the company said.
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