CIT Arranges Financing for The Weinstein Company
CIT Group announced that CIT Corporate Finance served as joint lead arranger in a $370 million senior secured credit facility for independent film studio The Weinstein Co.
The financing will be used to refinance an existing facility and provide working capital to pay for the production, acquisition and distribution of future films. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
“The Weinstein Co. is one of the premier Hollywood studios in the world and we are pleased to further expand our relationship with them through this recent financing,” said Kevin Khanna, managing director, CIT Corporate Finance, Communications, Media & Entertainment. “As a key player in the film financing sector, we pride ourselves in putting our knowledge to work on behalf of our clients to help them achieve their goals.”
David Glasser, chief operating officer of The Weinstein Co., said, “This facility offers us flexibility and the potential for growth, as well as the ability to form additional partnerships to distribute our films domestically and internationally. CIT’s deep industry expertise in the sector, combined with their ability to be nimble and flexible allowed us to close this transaction quickly.”
The Weinstein Company is a multimedia production and distribution company.