Daily News: May 7, 2013

BofA, Union Bank Close Revolver for FilmNation

New York-based FilmNation Entertainment announced that it negotiated $50 million in additional capital with an equity-backed, revolving multi-bank credit facility with Bank of America Merrill Lynch and Union Bank.

Supporting FilmNation’s long-term growth strategy, proceeds from the revolving line of credit will contribute to the company’s goal of financing an increasing number of films. The revolving credit will also allow president of Production Aaron Ryder and his team the ability to finance, produce and acquire a greater number of films and higher budget projects for the company’s slate.

“FilmNation represents the next generation of top content creators,” said Brian Stearns, co-head of Bank of America Merrill Lynch’s Entertainment Industries Group based in Los Angeles. “We are pleased to have had the opportunity to arrange this innovative financing and look forward to doing even more with FilmNation.”

“Union Bank is proud to have supported FilmNation over the past four years and watched Glen and his team successfully implement the business plan,” said Bryan LaCour, manager of Union Bank’s Entertainment Finance unit. “This financing will provide FilmNation with the necessary resources to continue its growth strategy and expand its already proven content creation platform.”