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Thursday, Sep 21, 2023

Point.360 Secures $8.6 Million in Mortgage Financing

Burbank-based Point.360, which provides archiving, post-production and distribution services, announced this week that it has entered into two term loan agreements that will provide $8.6 million of new mortgage funding. The new loans, financed through Bank of the West, will refinance mortgages on the company’s Hollywood Way and Vine properties. “Finalizing the new term loans completes a total refinancing package of $14.8 million,” said Haig S. Bagerdjian, Point.360’s chairman, president and CEO, in a prepared statement. “While we have no amounts currently outstanding under the previously completed revolving and equipment loan facilities, annual interest savings on the two mortgages will be approximately $350,000 at today’s rates.” The company received a $337,000 discount for early payoff of the prior Hollywood Way loan, and that will be recorded as income for the quarter ending Sept. 30. Kelly Goff

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