Fortis commits funding for XDC deal

Mandate calls for a total of €100 million in financing

Brussels-headquartered Fortis Bank has committed to funding the first tranche of €50 million ($63.15 million) for the financing of digital cinema provider XDC's rollout of digital cinema equipment across Europe, pursuant to its mandate to arrange €100 million financing. Upon closing -- expected by mid-April -- it will be the first major financing deal in the European digital cinema industry.

Last year, XDC executed Digital Cinema Deployment Agreements with six Hollywood studios and then started its first deployment with European exhibitors and the support of European distributors.

Fortis' commitment to provide financing will now enable XDC to complete the first phase of the Virtual Print Fee-based rollout. With the total of €100 million, XDC will be able to finance more than 2,000 digital screens across Europe.