Three Point Capital has closed on a $100 million revolving credit facility with Mitsubishi UFJ Financial Group (MUFG). The independent film financier, which was acquired last year by Forest Road, has also rebranded as TPC.
Forest Road is the majority owner of distributor Vertical Entertainment.
David Gendron, TPC president and co-founder, said the new facility — which closed last month — will allow it to finance either partly or, more often now, entirely, about 60 films a year with budgets in the $1 million to $20 million range, with a “sweet spot” of $4-$5 million.
TPC, which launched in 2009 and helped finance films including The Butler and Manchester By The Sea, is fully financing upcoming Abandoned, with Vertical, as well as Clerks III and Mel Gibson-starrer On The Line. It’s a financier of thriller Hello Stranger with Sam Worthington, Jordana Brewster, Robbie Amell and Alicia Sanz, currently in post-production.
Vertical, as Deadline reported, is expanding into film production and plans to release five to eight films a year with TPC. With various unannounced projects in early development and pre- and post-production, the indie distributor has hopes to scale up to 10 to 20 projects a year, while releasing a diverse slate of completed, third-party film acquisitions.
TPC also has a sizable business advising, accounting and brokering for tax credits.
MUFG’s U.S. commercial bank, one of the biggest lenders to Hollywood, was formerly under the name Union Bank.
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