OddLot Entertainment has closed a $50 million revolving credit facility with J.P. Morgan and Comerica as co-lead arrangers, which may be increased up to $150 million.

The funds will be used for development and production of current and upcoming film projects. OddLot's slate include "Draft Day," starring Kevin Costner and due out via Summit Entertainment on April 11; "Mortdecai," starring Johnny Depp with Lionsgate releasing; and Jon Stewart's upcoming directorial debut "Rosewater."

OddLot co-president Bill Lischak led the deal along with Natalya Petrosova, who was elevated to the role of exec VP of finance, and Aaron Michiel.

Gigi Pritzker, CEO and founder, stated, "We're so pleased to be in business with J.P. Morgan and our long-time banking partner, Comerica Bank. This arrangement positions the company for growth and we look forward to much activity going forward."

OddLot began a multiyear, multipicture co-financing and distribution deal last year with Lionsgate to co-produce and distribute films.

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