Coin boosts indie's coffers to $225 mil
The Weinstein Company has closed a deal to raise $75 million through UBS, boosting the company’s coffers to fund new films.
Coin tacks on to an existing facility at the company, $150 million through Union Bank which closed in February, bringing TWC’s total facility to $225 million.
Union Bank closed the $150 million fund at the same time as TWC was busy reviewing pitches from banks and other finance groups to assemble as much as $200 million in a separate effort, as first reported by Variety. Those talks are still ongoing, according to a source close to the discussions.
TWC raised its new coin at an interest rate below 5% — a competitive rate which indicates that UBS saw the deal as low-risk.
TWC shopped its deal as extremely well collateralized, based on its output deals with companies including Showtime, Anchor Bay and Netflix.
TWC has fully funded several movies recently, including Quentin Tarantino’s spaghetti western “Django Unchained.”
News comes months after TWC severed one major tie to former backer Goldman Sachs, which partnered with Assured Guarantee to help wipe $450 million off TWC’s books in a deal that gave the indie some financial breathing room. The structure of that deal later changed, and Goldman acquired cash flows from (and a lien against) 200 TWC films — movies that Bob and Harvey Weinstein have slowly been buying back.
Those films rep the last major tie between TWC and Goldman Sachs.
TWC had no comment.