Michael Jackson Joins Refinancing Rush

MAY 18--While the intricacies of Michael Jackson's finances make TSG's head swim, we can tell you that the singer recently completed a refinancing deal that will allow him to borrow an additional $12 million secured by his Neverland ranch. However, it remains unclear whether the new Bank of America cash will be used to pay for legal fees or bric-a-brac. Details of Jacko's refinancing are contained in the below March 31 filing made with the Santa Barbara County Clerk. The Bank of America agreement amends an October 1999 trust deed that provided Jackson with a maximum of $6 million secured by his sprawling estate/amusement park in Los Olivos, California. The new deal, which Jackson requested, hikes the loan maximum to $18 million. While questions about Jackson's financial health have increased since his arrest last year for child abuse, his various advisers have repeatedly claimed that the 45-year-old performer is comfortably in the black. According to news reports, Jackson made a $70 million balloon payment due in February on another Bank of America loan, this one collateralized by his stake in a music publishing firm whose catalog includes publishing rights for Beatles and Elvis Presley songs. (3 pages)