Entertainment article on Weinstein Company secures $225 million credit facilities regarding Financing, Weinstein, Production, Facility, Company, Revolving, Films, Institutional, Release, Million, Facilities, Credit, Drama, Union, Interest, Credit, Interest
The Weinstein Company has secured $225 million in financing for two new credit facilities with UBS and Union Bank, TheWrap has learned.
The facilities will allow the company to continue financing production and marketing for its upcoming slate of films rather than using its own cash, according to an individual close to the deal.
A deal for a $150-million revolving facility was completed by Union Bank. An additional $75 million revolving new-media facility was put together by UBS Investment Bank.
The film company, which won this year's Best Picture Oscar for "The Artist," is in production on Quentin Tarantino's next movie, "Django Unchained," which will be released in December. Weinstein also will release this year P.T. Anderson's drama "The Master" and David O. Russell's "Silver Linings Playbook."
The financing from institutional lenders is a sign that Weinstein has come out of its period of restructuring and is on strong enough financial footing to attract relatively low-interest institutional credit.
The credit facilities, with an interest rate under 5 percent, will allow TWC to broaden its business interests into potential acquisition of film libraries or other related assets.
The company did not respond to TheWrap's request for official comment. TWC has five films slated for release in the remaining part of 2012, including the drama "Lawless" and the comedy "Bachelorette."