The Weinstein Co. is closing in on a $370 million credit facility that will replace a pair of existing financing arrangements, new funds the company intends to use for expansion via acquisition, an individual with knowledge of the situation told TheWrap.
TWC’s new financing arrangement, arranged and syndicated by Union Bank N.A., offers “flexibility and the potential for growth, including the acquisitions of companies and [content] libraries,” TWC COO David Glasser told the Wall Street Journal on Thursday. The knowledgeable individual confirmed this to TheWrap.
Other banks involved in the facility include HSBC, Comerica, CIT, Union Bank of Switzerland and Union Bank of California.
The facility is expected to close within a few weeks.
Harvey and Bob Weinstein founded Miramax in 1979, and made an enormous effort to reacquire it during Disney’s 2010 sale. They lost that deal to a consortium led by private-equity firm Colony Capital, LLC.
Miramax owner Tom Barrack reiterated to the Journal that he’s interested in restarting film production at Miramax, which has focused solely on monetizing its library since the sale. He also said he’d prefer to do it through a partnership with the Weinsteins.
The Weinsteins spoke to Barrack about possible acquisition of Miramax four months ago, but the talks bogged down over Barrack’s belief that the company is woth $1 billion. It sold three years ago from Disney for $660 million and has added no new content.