River Road Pictures said Friday it has entered into a senior secured revolving credit facility that provides for up to a total commitment amount of $65 million. Union Bank arranged the transaction.
RRP is a wholly owned subsidiary of independent film production company River Road Entertainment.
RRP plans to use the money available under the credit facility to enhance its production funding and for general corporate purposes.
“We’re grateful to Union Bank for their support of our mission to make quality films,” Bill Pohlad, founder of River Road Entertainment, said in a statement. “This announcement is not only good for River Road, but hopefully a good sign that the credit markets are beginning to open up for independent film as a whole.”
River Road Entertainment is in post-production on Terrence Malick’s "The Tree of Life," starring Brad Pitt and Sean Penn; "The Runaways," a music-fueled coming-of-age film starring "The Twilight Saga: New Moon’s" Kristen Stewart and Dakota Fanning; and "Fair Game," the true story of exposed CIA agent Valerie Plame, with Doug Liman directing Naomi Watts and Sean Penn.
The company previously produced and financed Penn’s "Into the Wild" and co-financed Ang Lee’s "Lust, Caution." Other credits include "Food, Inc.," which just made the Academy’s short list of contenders in the feature documentary category.