Miramax Completes Securitization for $250 million

Thomas Barrack says the refinancing “reflects the stability and maturity of Miramax”

Miramax Films announced completion of the company’s Film Library Asset-Backed Notes offering.

The securitization transaction included the issuance of $250 million aggregate principal amount of 3.34% notes due in 2026, as well as a $25 million revolving credit facility, which was undrawn at closing.

“The proceeds will pay down older, more expensive debt,” a spokesperson for Miramax told TheWrap. “A much better deal for Miramax going forward, freeing up funds to support ongoing production and development efforts.”

The credit facility funds will not be used immediately, but will be available for peak cash requirements.

Also Read: Working Title’s Daniel Pipski Joins Miramax TV as Television VP

“This refinancing reflects the stability and maturity of Miramax as an operating company and represents the next step in the company’s evolution,” Thomas J. Barrack, Jr., Chairman of Miramax, said in a statement.

Barclays served as structuring advisor and bookrunner for the securitization, and as the  lender for the revolving credit facility.

“We appreciate that the market recognizes Miramax’s quality of content, combined with the consistency, length, diversity and credit quality of contractual income streams, and we look forward to putting these additional funds to work as we grow new production in line with the powerful Miramax brand.”