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Lakeshore soaks up $200 mil in credit

Despite indie biz' financing woes, co. draws funds

HOLLYWOOD — Lakeshore Entertainment has closed on a five-year, $200 million revolving credit facility.

That’s one-third more than originally targeted, due to late-breaking interest in a syndication for the facility arranged by JPMorgan Securities (Daily Variety, May 15).

Financing, which drew participation from 13 lenders, will be used to fund film productions, acquisitions and general corporate purposes.

“We are very pleased to have such a strong syndicate,” Lakeshore chief Tom Rosenberg said. “This reception from the capital markets reflects the strength of our company and our track record. Our new credit facility will give us substantial financial flexibility for years to come.”

Revolver is Lakeshore’s first since the company was founded eight years ago.

“We have been very excited to broaden our relationship with Lakeshore,” said John Miller, managing director of JPMorgan Securities. “Our enthusiasm for the company has been validated by the overwhelming response from the financial community.”

Funding is particularly notable in light of current financing woes among indie film producers. Lakeshore both produces movies and reps pics in foreign rights sales.

Lakeshore’s “Underworld,” a vampire actioner, will be released through Sony Screen Gems on Sept. 19. “The Human Stain,” starring Anthony Hopkins, Nicole Kidman, Ed Harris and Gary Sinise, will be released by Miramax Sept. 26.

Recent international sales included “Bulletproof Monk,” which it took over from now-defunct Signpost.

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