×

Indomina Ramping Up with $26 Million in Funding (EXCLUSIVE)

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.

Popular on Variety

More Film

  • Rambo Last Blood

    Film Review: 'Rambo: Last Blood'

    Home has always been an abstract concept for John Rambo, which is what the last scene of 2008’s otherwise expendable “Rambo” sequel finally gave the iconic Sylvester Stallone character: a moment when this unsettled Vietnam War survivor, looking very much the worse for wear, lumbers up to a mailbox bearing the character’s surname. At last, [...]

  • Jada Pinkett Smith, Will Smith. Jada

    Will Smith and Jada Pinkett Smith's Westbrook Inks Development Pact With Telepool (EXCLUSIVE)

    Will Smith and Jada Pinkett Smith’s new media venture, Westbrook Inc., has signed a co-development agreement for feature films, television shows and digital entertainment formats with German-based film and TV company Telepool. The move follows the acquisition of Telepool last year by Smith and Elysian Fields, a Zurich-based investment company. Westbrook, launched this year by [...]

  • There's Something in the Water

    Toronto Film Review: 'There’s Something in the Water'

    Since the beginning of the Industrial Revolution, the unpleasant sights, smells and pollutants of industry have typically been located where the poor folk dwell, and police society needn’t notice. With the dawn of popular environmental consciousness about a half-century ago, it became clear that toxic byproducts with a dismayingly long shelf life and unknown (or, [...]

  • 'David Foster: Off the Record' Review:

    Toronto Film Review: 'David Foster: Off the Record'

    By the early 1970s, as the counterculture was dissolving and reconfiguring, there were new pop-star archetypes on the horizon that we still tend to think of — the glam rocker, the sensitive singer-songwriter, the hair-band metal strutter, the prog-rock wizard, the belting pop chanteuse, the punk rocker. But there was another figure of the era [...]

  • Bob IgerSimon Weisenthal Gala honoring Bob

    Bob Iger Would Have Combined Disney With Apple if Steve Jobs Were Still Alive

    Disney and Apple are both launching their own streaming services come November, but Disney CEO Bob Iger says the two companies weren’t always on competing paths. In an excerpt from his autobiography published Wednesday in “Vanity Fair,” Iger revealed that Disney and Apple likely would have merged if Steve Jobs hadn’t died in 2011. “I [...]

  • Aaron Janus Lionsgate

    Lionsgate Hires 'A Quiet Place' Producer Aaron Janus as Senior VP of Production

    Lionsgate has hired Aaron Janus as its new senior vice president of production and promoted Meredith Wieck to the post of vice president of production.  Prior to Lionsgate, Janus served as Platinum Dunes’ head of development, where he oversaw filmmakers Brad Fuller, Andrew Form and Michael Bane. There, he brought in “A Quiet Place,” on [...]

  • Ang Lee Reveals First Look at

    Ang Lee on 'Gemini Man' and De-Aging Will Smith

    On paper, Ang Lee’s “Gemini Man” is a standard-issue, shoot ’em up with Will Smith playing a deadly assassin who must battle a younger clone of himself. The explosions and gun battles aren’t what drew Lee to the project, even if they’re the reason that most people will show up at theaters when it opens [...]

More From Our Brands

Access exclusive content