CI Games secures $32 million loan to finish and self-publish Lords of the Fallen 2

CI Games has signed a $32 million (€28.6 million) syndicated credit facility to fund the completion, marketing and launch of Lords of the Fallen II, the Polish studio announced on October 30.

The facility, arranged with Polish lenders Erste Bank Polska and Bank Ochrony Środowiska, will cover the soulslike sequel's remaining production costs, a global marketing campaign and its release. It will also refinance all existing bank debt across the group. Polish export credit agency KUKE guarantees 80% of the facility, which matures in August 2027.

CI Games expects to repay the loan primarily from sales of Lords of the Fallen II, now planned for release in the first quarter of 2027. The company said it will announce an exact launch date in December.

What does the deal mean for shareholders?

The structure avoids dilution. "We have secured full financing for the launch of Lords of the Fallen II without issuing new shares," said Marek Tymiński, CEO and president of CI Games' management board. "That matters for our shareholders, who keep their full participation in the game's potential success."

Tymiński, who is also the company's largest shareholder, has committed to retaining his entire stake for the duration of the financing. "I know how much potential Lords of the Fallen II has," he said.

The commitment signals management confidence in the title's revenue prospects as the sole designated repayment source — a concentrated bet on one launch.

Why is CI Games self-publishing now?

The bank deal follows the termination of CI Games' PC publishing agreement with Epic Games earlier this year. Under that agreement, Epic would have published the game on PC and kept it exclusive to the Epic Games Store.

The termination took effect on April 14, but CI Games disclosed it more than a month later and has not given a reason for the split. The company said the move does not affect its other work with Epic, including its use of Unreal Engine.

Without Epic as PC publisher, CI Games now self-publishes the title, meaning it will not share revenue with an outside publisher — but it also carries the full marketing and launch burden that the $32 million facility is sized to cover.

Lords of the Fallen II is expected to launch on PC, PlayStation 5 and Xbox Series X/S.

How expensive is the franchise?

The original Lords of the Fallen remains CI Games' most expensive project to date. The studio revealed in 2023 that the game carried total costs of $66.2 million.

That figure frames the sequel's financing: a $32 million facility layered on top of a franchise with a nine-figure cost history across two entries.

CI Games has not disclosed the sequel's total budget separately from the facility.

The December launch-date announcement is the next concrete signal to watch, ahead of a Q1 2027 release that must service an August 2027 debt maturity.