Media Rights Capital has closed on a five-year, $350 million revolving credit facility it will use to expand its film and television business, it announced Tuesday morning.
The credit facility will "allow the independent studio to grow its film and television business, while expanding and developing current projects including its five-year distribution deal with Universal Pictures."
The entire statement is here:
MEDIA RIGHTS CAPITAL ANNOUNCES NEW FIVE-YEAR
$350 MILLION REVOLVING CREDIT FACILITY
Led by JPMorgan Chase, Comerica, Bank of America, SunTrust, and Union Bank
New York, NY (Sept 20, 2011) – Media Rights Capital (MRC) today announced it has closed a five-year, $350 million revolving credit facility. The financing was provided by a group of banks led by JPMorgan Chase, Comerica, Bank of America, SunTrust, and Union Bank. The syndicate includes East West Bank, Wells Fargo, Bank Leumi, and City National Bank.
The credit facility will allow the independent studio to grow its film and television business, while expanding and developing current projects including its five-year distribution deal with Universal Pictures; the upcoming CBS situation comedy “How to be a Gentleman”; Neill Blomkamp’s Elysium, to be distributed by Sony; “House of Cards,” the serialized Netflix political drama produced by David Fincher and starring Kevin Spacey and Robin Wright; and more.
“In the unpredictable environment of the current economy, this oversubscribed facility is validation from our financial partners and allows us to continue growing and strengthening our brand, “ said Erika Hindle, who joined MRC as Chief Financial Officer on August 8th, following her tenures at Relativity Media and Overture Films. “We are humbled by and grateful for our top-level syndicate banks’ vote of confidence and we look forward to continuing our work with the best artists in the industry on innovative projects.”
“At a time when many financial institutions have rethought their support of entertainment properties, we continue to develop our partnership with Media Rights Capital,” said David Shaheen, Managing Director, Entertainment Industries Group, JPMorgan Chase. “MRC’s consistent profitability from project to project, whether in film or television, firmly cements our long-standing financial relationship with them. We are excited to be a part of the continued success of their business endeavors."
MRC’s last credit facility closing was a three-year, $350 million revolving credit facility in 2008, which was the last major transaction of its nature prior to the severe economic downturn.