In a move that will significantly boost its production and acquisition capabilities, Cary Woods’ Independent Pictures has inked a $50 million revolving credit line with Chase Manhattan Bank.
The financing agreement further bolsters Independent’s war chest, which already boasted a reported $40 million in equity investments, including $10 million from New Line Cinema.
The financing will aid Woods in his plan to hold onto all international rights to Independent’s films and build a library by obviating the need for foreign presales. Domestically, Independent has a deal with New Line to distribute four pics per year on a rent-a-system basis.
“This deal, together with our New Line distribution arrangement and our equity, will provide Independent Pictures with the capital structure to produce, acquire and distribute a variety of films in the $1 million to $15 million range,” said CFO Andrew Karpen, who negotiated and secured the credit for the company.
Chase Securities managing director John Miller added, “Cary Woods’ reputation as a prolific and first-class producer, combined with our long relationship with New Line Cinema since their inception and our professional respect for Dilmun Investments, make this an exciting and important opportunity for us.”
Independent recently wrapped production on Mark Hanslon’s “Buddy Boy” and “Kids” helmer Harmony Korine’s “The Julien Chronicles.”
Additionally, Independent Pictures has acquired the U.S. rights to Bruce McCulloch’s “Dog Park,” starring Natasha Henstridge, Janeane Garofalo and Luke Wilson.
Woods’ pre-Independent credits as a producer include “Citizen Ruth,” “Cop Land” and “Scream.”
(Benedict Carver contributed to this report.)