Bona refreshes capital

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Finance News

China's Bona Film Group Ltd 博納影業集團有限公司 has entered into a $20 million secured revolving credit line agreement with East West Bank.

The credit facility will be used to fund upcoming productions and to acquire the distribution rights to international films in China.

At the recent American Film Market the company agreed to buy China rights to action comedy RED 2 and the Harald Zwart-directed action adventure fantasy Mortal Instruments: City of Bones (pictured). It intends to give both day and date releases to coincide with their North American outings and said that it has sought approval from State Administration of Radio, Film & Television (SARFT) 國家廣播電影電視總局. It is also seeking a licence for Allen Hughes crime thriller Broken City, which it signed up for at AFM 2011 and aims to release in 2013.

"We are very pleased to work with East West Bank. Securing this financing speaks to the strength of our business and strong relationships with international financial institutions," said Bona CFO Amy Xu. "The additional capital provided under this credit facility will enable us to continue bringing high-quality, commercially successful films to moviegoers in China and abroad, and we look forward to a long-term working relationship with East West Bank."

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