Miramax has secured a multi-bank revolving credit facility of $300 million in a five-year agreement that will help ramp up the studio’s production slate.
A lenders, led by Bank of America Merrill Lynch and MUFG Union Bank, will provide financing for Miramax to produce four- to six films a year and deficit finance two to three television series, the studio said.
“The credit facility allows Miramax to efficiently finance its current and future production slate as we shift to increase our growth,” Miramax CEO Bill Block said in a statement.
Block and Miramax executives Dennis Hands, Jeremy Gross and David Cragnotti negotiated the deal on behalf of the studio. Randy Hua, senior vice president of the Los Angeles-based Technology, Media & Entertainment Group, handled the deal on behalf of Bank of America Merrill Lynch.
The deal has been secured prior to the 2018 Cannes Film Festival where Miramax will be in attendance.