Indomina Media International and Comerica Bank have closed a $26 million revolving production loan to finance Indomina’s slate of feature films.
Most of the films will be shot in the Dominican Republic at the new Pinewood Indomina Studios, which features a 60,500 square foot water tank (which opened in July) along with three sound stages, which which are almost completed and due to launch officially in the spring.
Indomina CEO Antonio Gennari told Variety that his company plans to shoot two to three English-language films a year in the $5 million to $25 million range. The first project will be a co-production with Pantelion Films, which saw a major success last year with “Instructions Not Included.”
Gennari said that he’s hoping that Indomina can vault the Dominican Republic back into the forefront of filming locations — noting that the island served as the Cuban locations for “The Godfather Part II.”
Gennari said Indomina will use the Comerica loan funds with soft money solutions such as the 25% transferrable tax credit incentive — along with highlighting the “world class” production capabilities in the Dominican Republic.
It’s the second capital infusion for Indomina in less than a year. In April, the World Bank’s IFC announced an investment of $20 million in the studio facility with the aim of diversifying the country’s economy and generating high-skilled jobs, growth, and tax revenues in the fast-growing media sector. IFC also helped Indomina obtain a $10 million syndicated loan at that point.
Indomina joined forces with London-based Pinewood in 2011 to launch the Dominican Republic facilities. The company, owned by the Vicini private asset management firm, opted to get out of the acquisitions business last year to focus on its own productions and the new studio.
VP Stacey Stanley is handling the development of the company’s production slate, aimed at generating mainstream titles in such genres as action, romantic comedy and urban.
“The closing of the Comerica deal represents a bold step forward in the consolidation of our fiscally conservative, yet innnovative business model, which aims to develop a consistent flow of investment in high production value and commercially appealing pictures, whilst leveraging the superior quality of our world-class facilities and production capabilites in the Dominican Republic,” Gennari said.
Comerica Entertainment’s Jeff Colvin, Curtis Tamkin and Scott Scrimager structured the loan; Isaac Palmer of Qualia Legacy Advisors acted as the exclusive financial advisor to Indomina and Robert J. Sherman of ReedSmith served as Indomina’s exclusive legal counsel.