Media Rights Capital Closes Five-Year $350 Million Credit Facility
Media Rights Capital has closed a five-year $350 million revolving credit facility that will allow the independent studio grow its film and television business, while expanding and developing projects already in its works.
The financing was provided by a group of banks led by JPMorgan Chase, Comerica, Bank of America, Sun Trust and Union Bank. The syndicate also includes East West Bank, Wells Fagro, Bank Leumi and City National Bank.
MRC is involved in a number of projects per its five-year distribution deal with Universal Pictures, as well as the upcoming CBS situation comedy How to Be a Gentleman, Neill Blomkamp’s Elysium, to be distributed by Sony, and the David Fincher-produced Netflix political drama House of Cards, starring Kevin Spacey and Robin Wright.
“In the unpredictable environment of the current economy, this oversubscribed facility is validation from our financial partners and allows us to continue growing and strengthening our brand,” said Erika Hindle, who joined MRC as chief financial officer in early August, on following her tenures at Relativity Media and Overture Films.
MRC secured its last $350 million revolving credit facility in 2008, the last major transaction of its nature prior to the severe economic downturn.
“At a time when many financial institutions have rethought their support of entertainment properties, we continue to develop our partnership with Media Rights Capital,” said JPMorgan’s David Shaheen, who is managing director of the Entertainment Industries Group.
MRC has now financed and produced 16 films distributed by Universal, Sony, Fox, Warner Bros. and leading international distributors. The company’s slate includes Babel, The Adjustment Bureau, 30 Minutes or Less. Upcoming releases include TED, distributed by Universal.
MRC’s television projects include returning HBO series The Ricky Gervais Show and the late-night animated comedy The Life and Times of Tim.