The new iteration of Millennium Entertainment has secured $40 million in credit for operations and acquisitions.
Also read: Millennium Entertainment’s Catalog, Distribution Sold to Management Team, Virgo Entertainment
The newly closed deal involves a senior revolving credit facility and term loan facility led by SunTrust Robinson Humphrey, Inc. as sole lead arranger and sole bookrunner. SunTrust Bank will serve as administrative agent, along with a number of institutions that include Pacific Mercantile Bank and Preferred Bank.
The deal provides for a $20 million term loan as well as a $20 million revolving line of credit with an additional accordion feature for future growth opportunities, the company said. The distributor recently acquired the rights to the Mia Wasikowska-starring costume drama “Madame Bovary,” which screened at Telluride and Toronto.
Also read: Jeremy Irvine, Minka Kelly Thriller ‘The World Made Straight’ Acquired by Millennium
Millennium’s assets and back catalog were sold to CEO Bill Lee, the company’s management, and private investment firm Virgo Investment Group in August; Avi Lener and Trevor Short’s Nu Image, along with White Horse Pictures’ principals Nigel Sinclair and Guy East and Prentice Capital cashed in on the deal.
Millennium will change its name soon as a result of the sale, as the brand name was retained by Nu Image.