Annapurna announced that it has completed a $350M evolving credit facility to help in the company’s expansion in all areas of production, development, distribution and new mediums. J.P. Morgan is the sole bookrunner for the facility as well as co-lead arranger with Comerica Bank. Other parties included in the bank syndicate (put together by JP Morgan) include City National Bank, First Republic Bank, HSBC, MUFG Union Bank, SunTrust Bank and Wells Fargo.
“We are grateful for J.P. Morgan and our entire bank group’s confidence in Annapurna,” said Annapurna CFO, Josh Small in making the announcement. “Their backing, along with that of the many partners who have joined us this year, is validation of the platform Megan and our team have built, and we’re excited to have their support of our continued growth.”
The move comes as the company is looking more and more like a studio, with both production and distribution now in place, a television and digital media in place as well. The company was founded by Megan Ellison in 2011 and has since gone on to become a critical force with such Academy Award nominated films as American Hustle, Her, and Zero Dark Thirty.
It just released Detroit from the ZDT filmmaking team of Kathryn Bigelow and Mark Boal; while the film garnered critical acclaim, it has grossed just $16.5M to date. The company is known for having just exquisite taste in projects. In fact, since 2012, Annapurna’s films have received thirty-two Academy Award nominations.
David Shaheen, managing director and head of Entertainment Industries for J.P. Morgan’s Corporate Client Banking group added: “We are excited to provide financial support and industry expertise to Annapurna as they continue to build upon their success story. The enthusiasm shown from the entertainment banking community is a testament to what the company has accomplished.”