Bold Films said it has renewed its agreement with Comerica Bank and the institution has allowed them a revolving line of credit and a $50M dollar debt facility that extends for three years. The deal will provide financing for the independent studio to produce four to six films a year and ramp up their TV slate. Bold Films entered their first deal with Comerica in 2013.
“Bold’s prestige brand and pipeline of films along with Comerica Bank’s knowledge of film finance makes for a great partnership. We’ve had the privilege of serving as trusted advisors to Bold for more than four years and look forward to helping the company continue to grow their film and TV business,” said Adam Korn, Senior VP/Alternate Group Manager for Comerica.
This comes after Bold’s latest feature outing Stronger which starred Jake Gyllenhaal which bowed in Toronto. The film was based on the 2013 Boston bombing. It was released theatrically last month through LGF/Roadside Attractions and has garnered just $5M.
Bold Films CFO Rob Mitchell led the credit facility deal for the company. Bold was repped by Legal Counsel Miles Mogulescu. Korn handled the deal on behalf of Comerica.