Millennium Entertainment is continuing to make moves following its deal to become a stand-alone distribution and catalog company. Today CEO Bill Lee unveiled that the soon-to-be-renamed outfit has closed a senior revolving credit facility and term loan facility worth $40 million.
The facilities helped finance Millennium and Virgo Investment Group’s August buyout of previous owners including Avi Lerner’s Nu Image, and will help Millennium going forward to acquire films for the studio’s upcoming slate. (The credit facilities provides for a $20 million term loan as well as a $20 million revolving line of credit with an additional accordion feature for future opportunities.)
Among those projects in Millennium’s pipeline is Madam Bovary, the Sophie Barthes-directed film that stars Mia Wasikowska, Paul Giamatti, and Ezra Miller. The company scooped up U.S. rights in a seven-figure deal sealed just before the period pic’s Toronto premiere earlier this month. Another is the David Burris-directed The World Made Straight, to which Millennium acquired domestic rights August 27. The company is eyeing a February 2015 release date for the coming-of-age thriller starring Jeremy Irvine, Minka Kelly, Noah Wyle, Adelaide Clemens and Haley Joel Osment. It’s based on the novel by Ron Rash and was adapted by Shane Danielsen.
The deal was led by SunTrust Robinson Humphrey as sole lead arranger and Sole Bookrunner and SunTrust Bank as administrative agent, along with a consortium including Pacific Mercantile Bank and Preferred Bank. “We’re thrilled to close this facility agreement so soon after forging our relationship with Virgo,” Lee said in announcing the deals. “This marks yet another milestone for us and we believe our partnership with SunTrust will play a large role in realizing our long-term objectives.”
Millennium, once Nu Image’s distribution arm, officially went up for sale in April 2013. In August, Lee and Virgo teamed to acquire Millennium’s catalog assets and film distribution platform from a consortium including majority owner Nu Image. That company, run by Lerner and Trevor Short, owned a 60% stake, Nigel Sinclair and Guy East’s White Horse Pictures has a 20% stake, and hedge fund Prentice Capital the other 20%. Lee continued as CEO and the plan is for Millennium to change its name, leaving the Millennium brand with Nu Image subsidiary Millennium Films.