Miramax announced the successful 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 2026, as well as a $25 million revolving credit facility. The notes and revolving credit facility are rated BBB+ by Standard & Poor’s and BBB (high) by DBRS. Barclays served as the sole structuring advisor and sole bookrunner for the securitization, and as the sole lender for the revolving credit facility. Company will use the proceeds to repay outstanding debt and investment in new film and television production.
Said chairman Tom Barrack: “This refinancing reflects the stability and maturity of Miramax as an operating company and represents the next step in the company’s evolution. 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.”