Worldview Nears $70 Million in New Coin (EXCLUSIVE)

Worldview Nears $70 Million New Coin

Funds will give the "Devil's Knot" shingle more muscle to finance projects

Worldview Entertainment is closing in on a four-year, $30 million credit facility with Comerica Bank, and has received a new $40 million equity infusion from its existing investors.

Deal nearly doubles the company’s existing capital base, and gives the “Devil’s Knot” production shingle more financing muscle to compete in an increasingly crowded indie sector.

Comerica, an active lender in the single-picture space, will provide coin that can be used for gap financing and to back up foreign presales and tax credits.

As more sales and production outfits have entered the independent film world in the past two years, it’s become increasingly important for producers to leverage their own capital sources to access the best talent and projects. Worldview’s chief executive officer Christopher Woodrow and chief operating officer Molly Conners typically select projects with budgets up to $50 million.

Worldview is producing Cannes title “Blood Ties,” screening out of competition, and the company’s 2013 slate includes Anne Hathaway starrer “Song One,” “Wish I Was Here,” starring Zach Braff, and the David Gordon Green drama “Manglehorn.”

The company backed two films in the Cannes competition this year: James Gray’s “The Immigrant” and Arnaud Desplechin’s “Jimmy P. (Psychotherapy of a Plains Indian).”

CAA reps Worldview.

— John Hopewell contributed to this report.

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