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Megan Ellison’s Annapurna has secured a new $350 million revolving credit line that will be put toward production and development of new projects, the company said Tuesday.
J.P. Morgan served as administrative agent and sole bookrunner for the new credit line, along with Comerica Bank. Other parties included City National Bank, First Republic Bank, HSBC, MUFG Union Bank, SunTrust Bank and Wells Fargo.
“We are grateful for J.P. Morgan and our entire bank group’s confidence in Annapurna. Their backing, along with that of the many partners who have joined us this year, is validation of the platform Megan and our team have built, and we’re excited to have their support of our continued growth,” said Annapurna CFO Josh Small.
“We are excited to provide financial support and industry expertise to Annapurna as they continue to build upon their success story,” said David Shaheen, managing director and head of Entertainment Industries for J.P. Morgan’s Corporate Client Banking group. “The enthusiasm shown from the entertainment banking community is a testament to what the company has accomplished.”
The infusion of credit will go towards Annapurna’s expanding Hollywood ambitions, which now include television and video games.
Annapurna’s upcoming film slate includes Paul Thomas Anderson’s next film (Focus) and Richard Linklater’s Where’d You Go Bernadette. The Coen brothers are working with the upstart studio on their first TV project, The Ballad of Buster Scruggs. Other television projects include adaptations of Maria Semple’s Today Will Be Different, starring Julia Roberts, and Victor LaValle’s new novel The Changeling.
Most recently, Annapurna released Kathryn Bigelow’s Detroit, and marked a first for the financier-turned-studio. Detroit was the first of their projects that they fully financed and distributed on their own, as opposed to past projects where Annapurna partnered with Paramount or Columbia. On a $30 million-plus production budget, Detroit has grossed $16.5 million at the domestic box office to date, meaning a loss for Annapurna.
The new $350 million credit line can go towards Annapurna’s continued studio ambitions, allowing them the future freedom to both finance and distribute future projects.
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