Miramax secured a five-year $300 million revolving, multi-bank credit facility led by Bank of America Merrill Lynch and MUFG Union Bank.
The studio plans to ramp up its slate and attend the Cannes Film Festival. The deal provides financing to produce and finance four to six films a year, as well as deficit finance two to three television series per year.
Miramax CEO Bill Block and Miramax Executive VPs of Finance Dennis Hands, Jeremy Gross and David Cragnotti negotiated the deal on behalf of the studio. Randy Hua, senior VP of the Los Angeles-based Technology, Media & Entertainment Group, handled the deal on behalf of Bank of America Merrill Lynch.
“We are thrilled to commence a valued partnership with Bank of America Merrill Lynch and MUFG Union Bank,” Block said. “The credit facility allows Miramax to efficiently finance its current and future production slate as we shift to increase our growth.”
