FilmNation Entertainment said it has negotiated $120 million in capital via a revolving multi-bank credit facility, which will give the indie producer, financier and international distribution company cash to invest in more film, TV film, theater, digital and VR content as well as other strategic investment areas. That plan includes taking on films with higher budgets.
The deal was agented by Bank of America Merrill Lynch and co-led by Union Bank.
“Throughout FilmNation’s history, what has empowered us the most has been our ability to adapt and consistently bet on ourselves and the tremendous filmmakers we’ve had the privilege to work with,” said FilmNation Entertainment CEO Glen Basner and COO Milan Popelka in announcing the news. “This facility gives us another hugely impactful tool to demonstrate the confidence we have in our platform and help bring bold, unique stories to screens of all sizes. We remain focused on growth in the long term, and are excited about the many types of opportunities this capital allows us to seize on.”
The upcoming FilmNation slate includes the Tom Hanks WWII tale Greyhound, which Sony releases in 2019 and the Rachel Weisz-Rachel McAdams drama Disobedience which bows April 27 via Bleecker Street. It also is behind This Is Us creator Dan Fogelman’s Amazon pic Life Itself, bowing in September, and A24’s The Children Act starring Emma Thompson set for September.
It’s now shooting Late Night with Mindy Kaling and Thompson and has Armando Iannucci’s The Personal History of David Copperfield with Dev Patel going this summer; in post it has Gloria starring Julianne Moore and The Lodge supernatural horror pic starring Riley Keough. It also has the Sundance pic Wildlife written and directed by Paul Dano opening Cannes’ Critics’ Week sidebar next month, and recently invested in the Broadway production of The Band’s Visit.
The revolving facility was negotiated by FilmNation’s Popelka and EVP Business & Legal Affairs Alison Cohen. Akin Gump’s Christopher Spicer and Warren Biro repped Bank of America as agent.