OddLot Closes $50 Million Revolving Credit Facility With J.P. Morgan, Comerica
OddLot Entertainment has closed a $50 million revolving credit facility with J.P. Morgan and Comerica as co-lead arrangers -- a deal that may be increased to up to $150 million.
The move is designed to boost the physical production capacity of the Los Angeles-based company behind such recent films as Ender's Game and Jim Rash and Nat Faxon's The Way, Way Back, which became the biggest sale of Sundance 2013.
The funds are earmarked for financing the development and production of current and upcoming projects under the OddLot banner. OddLot co-president Bill Lischak led the deal on behalf of the company along with Natalya Petrosova, who was upped to executive vp finance, and Aaron Michiel, OddLot's executive vp business and legal affairs.
"We're so pleased to be in business with J.P. Morgan and our longtime banking partner, Comerica Bank," OddLot CEO and founder Gigi Pritzker said. "This arrangement positions the company for growth, and we look forward to much activity going forward."
OddLot co-produced Ivan Reitman's Draft Day, starring Kevin Costner, which will be released by Summit Entertainment on April 11. Also on the slate are Mortdecai, starring Johnny Depp, Gwyneth Paltrow, Ewan McGregor, Olivia Munn and Paul Bettany, which Lionsgate will release, and Jon Stewart's directorial debut Rosewater.
Petrosova joined OddLot in 2006 as senior vp finance. She is the executive responsible for arranging and executing OddLot's production financing and directing all company financial accounting and reporting.