Miramax Secures $300 Million Credit Line

Bill Block -Miramax- Publicity-H 2017
Courtesy of Miramax

The studio plans to produce and finance four to six films a year.

Miramax has secured a $300 million revolving, multi-bank credit facility led by Bank of America Merrill Lynch and MUFG Union Bank that extends for five years, the company said Thursday.

The deal provides financing for the studio, which plans to ramp up its slate and which will be attending the Cannes Film Festival, to produce and finance four to six films a year as well as deficit finance two to three television series per year.

Miramax CEO Bill Block and Miramax executive vps finance Dennis Hands, Jeremy Gross and David Cragnotti negotiated the deal on behalf of the studio. Randy Hua, senior vp of the Los Angeles-based Technology, Media & Entertainment Group, handled the deal on behalf of Bank of America Merrill Lynch.

"We are thrilled to commence a valued partnership with Bank of America Merrill Lynch and MUFG Union Bank," Block said. "The credit facility allows Miramax to efficiently finance its current and future production slate as we shift to increase our growth."

"Bank of America Merrill Lynch is proud to support Miramax, a valued client and one of the most successful content companies in the entertainment business," Hua commented. "This credit facility will allow Miramax the flexibility to continue to strategically grow their film and television capabilities with innovative and exciting content."

"Union Bank is excited to support Bill's leadership of Miramax as it endeavors to bolster its premier library assets with an ambition for a robust film and television content creation slate," Bryan LaCour, head of Union Bank's entertainment finance team, added.