BREAKING: The facility announced today by CIT Group will be used to refinance an existing arrangement and provide working capital to pay for the production, acquisition and distribution of future Weinstein Co- and Dimension Films-labeled films. TWC COO David Glasser also said in the release detailing the deal that the infusion will give the company “the ability to form additional partnerships to distribute our films domestically and internationally”. This deal or one like it was tipped just after the Toronto Film Festival — where Weinstein picked up a slew of big-ticket product including The Disappearance Of Eleanor Rigby: Him And Her, Can A Song Save Your Life? and The Railway Man. TWC was reportedly negotiating with several banks to replace two separate facilities: one worth about $90M tied to its Netflix streaming deal and one for $125M linked to receivables on its films.
Weinstein Co Secures $370 Million Credit Facility
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