Team Entertainment has completed an initial public stock offering that raised $7.6 million for the L.A.-based indie production-distribution outfit headed by industry vet Drew Levin.
Team aims to use the proceeds from the stock offering to pay off loans, beef up its production slate and acquire distrib rights to other programming. The offering of 1.5 million shares was underwritten by Chi-based National Securities Corp.
The coin raised in the offering leaves the 2-year-old Team with about $2 million in long-term debt. Team’s stock price closed Tuesday at $5, unchanged from Monday, but down 50 cents from its July 31 opening price of $5.50.
Team is expanding into the longform arena as a co-producer on the upcoming Fox Family Channel made-for “Earthquake NYC.” Company also is co-producing the TV spinoff of “Total Recall” with Alliance Communications for the Showtime pay cabler.