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Indie film production and distribution company A24 announced today that it has secured a $50 million line of credit from Comerica and Union Bank of California. The company will use the facility to build out its film distribution business and finance initiatives in complementary industry verticals, it said.
“This credit facility represents the next logical step in the evolution of our business and provides A24 the capital and flexibility necessary to continue to drive value for all of our stakeholders,” A24’s Matthew Bires said. “Comerica and Union Bank are two of the most creative capital providers in the space, and we are very excited to be working with them.”
“A24 has quickly claimed a unique place in the marketplace and demonstrated the ability to repeatedly craft compelling distribution campaigns that are innovative on multiple levels. We are pleased that we can help support their current business endeavors, and we look forward to being a part of their continued growth,” Todd Steiner, vp of Comerica’s Entertainment Group, said.
Comerica Bank structured the facility and will act as its administrative agent. Union Bank will serve as a co-syndication agent.
Upcoming films from A24 include J.C. Chandor’s A Most Violent Year, opening Dec. 31, and Noah Baumbach’s While We’re Young.
A24 is owned by Guggenheim Partners, parent company of The Hollywood Reporter.
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