Natixis Coficine, Spain’s Audiovisual SGR Strike $22 Million Spain Deal

New credit line sees Natixis discount against foreign sales estimates

BARCELONA — Paris-based bank Natixis Coficine, Europe’s biggest film lender, and Spain’s Audiovisual SGR have pacted for SGR, a bank guarantee fund, to underwrite a €20 million ($21.7 million) 2015 Natixis Coficine credit facility for Spain’s cash-starved film and TV production sectors.

Unveiled at Spain’s Malaga Festival, its annual national film festival, the Natixis Coficine credit facility comes as the Spanish film industry still awaits direct subsidy payments for theatrical releases in 2012 and a long-mooted overhaul of its incentive system. In such a context, alternative financing tool is an imperative necessity.

Limiting Natixis Coficine risk exposure, the deal sees SGR putting up two guarantees: 50%-100%, up to €1.2 million ($1.3 million) of subsidies from Spain’s ICAA film agency, which runs Spain’s central subsidy fund; 50% maximum of international sales estimates. Together, though Natixis will sometimes extend larger credit facilities, SGR guarantees will not exceed €2 million ($2.1 million) per movie project.

Natixis will lend at a reduced interest level of on average 4% above the Euribor European inter-bank lending rate.

Costing a maximum fee basis of 1%, the annual facility is renewable and applies to films, movie projects and animation. Natixis Cofcine will consider loaning to Spain’s distribution and exhibition and also discount VOD platform contracts. “This agreement with Audiovisual SGR will enable Natixis Coficine to serve even better our Spanish clients and definitely puts us on the map as the preferred credit institution for film and TV in Spain,” said Natixis Coficine director Christophe Vidal.

“The agreement will alleviate the risk exposure for the producer as well as for us,” says Xavier Parache at Spain’s Gate Media, the Barcelona-based film finance consultancy and packager that represents Natixis Coficine in Spain.

Its lending against foreign sales estimates “is particularly important for big internationally driven productions,” Parache added, allowing producers to access money faster in the production process.

SGR guaranteed Natixis discounted ICAA subsidies, which are box office tabbed and paid two or more years after a film’s release, on three productions before its framework deal with Natixis: Fernando Gonzalez Molina’s “Palm Trees in the Snow,” Antonio Chavarrias’ “The Chosen” and Manuela Moreno’s “Girls Night Out.”

Natixis Coficine lent $813 million in 2014, including $66 million to Spanish productions. Part of Groupe BPCE, the second-largest banking group in France, Natixis finances on average 120 pics per year.

Underscoring Natixis’ build in Spain, Marc Lopez, a former director of Catalan state body ICEC’s audiovisual department, was tapped as a Gate Media financial consultant in January.

Founded in 2006, Madrid-based Audiovisual SGR is a mutual guarantee fund underwriting bank loans to Spain’s national film/TV production, distribution and exhibition sectors.

Audiovisual SGR was set up by Egeda, Spain’s producers’ rights collection society, and ICAA, the country’s main central film subsidy board, and is supported by other institutions like Fapae, Spain’s producers’ lobby.

In 2014, SGR underwrote $36 million in bank operations for Spain’s film industry, up from $29.3 million for 2013.

Popular on Variety

More Film

  • Vitalina Varela

    Locarno Film Review: 'Vitalina Varela'

    Frequently beautiful compositions and the theatrical use of a fierce kind of artifice have long been the hallmarks of Portuguese auteur Pedro Costa, regarded by a small but influential group of aesthetes as one of the great filmmakers of our era. For those in tune with his vision, the director’s films offer an exciting lesson [...]

  • Notre dame

    Locarno Film Review: 'Notre dame'

    Not to be too cynical about it, but might the recent horrific fire in Paris’ cathedral attract audiences to a film in which the gothic gem plays a major role? It’s likely a wiser marketing strategy than promoting the unrelenting silliness of Valerie Donzelli’s oh-so-kooky comedy “Notre dame,” the writer-director-star’s return to contemporary Paris following [...]

  • Joachim Trier

    Nordisk Film & TV Fond Backs Joachim Trier, Ole Bornedal, Yellow Bird

    Nordisk Film & TV Fond has announced three features, two series and a documentary set to receive $1.4m in financing, as well as distribution, dubbing and cultural initiative support recipients. Doing so, it highlights some of the key titles moving forward in the Nordic region. Already backed by the Danish Film Institute’s largest ever grant [...]

  • Cat in the Wall Movie Sarajevo

    Sarajevo Film Festival Builds Bridges Through Art

    Rising from the rubble of the Bosnian War to become one of Southeastern Europe’s leading film and TV industry events, the Sarajevo Film Festival has plenty to celebrate as it marks its 25th edition this year. The festival was established in 1995 during the four-year siege of Sarajevo as part of an effort to help [...]

  • 'ZZ Top: That Little Ol' Band

    Film Review: 'ZZ Top: That Little Ol' Band From Texas'

    Settling in to watch “ZZ Top: That Little Ol’ Band From Texas,” you may have a burning question that applies to almost no other rock documentary, and that is: Who, exactly, are these guys? The ones behind the beards? If you’re old enough, of course, you probably know that ZZ Top started out, in 1969, [...]

  • Patricia Louisiana Knop Dead: Screenwriter Was

    Screenwriter Patricia Louisianna Knop Dies at 78

    Screenwriter Patricia Louisianna Knop, who collaborated with her producer-director husband Zalman King on erotically-charged films of the late 1980s and 1990s including “Siesta” and “9 1/2 Weeks,” died Aug. 7 in Santa Monica after a lengthy illness. “9 1/2 Weeks,” starring Mickey Rourke and Kim Basinger, was directed by Adrian Lyne, co-produced by King and [...]


    How 'Blinded by the Light' Brought Bruce Springsteen's Music to the Screen for a Song

    Blinded by the Light co-writer/director Gurinder Chadha knows firsthand what it feels like to be an outsider. Born in Kenya when the country was a British colony, she grew up part of the Indian/Asian diaspora who made their way from East Africa to London. For that reason, the 59-year-old’s movies has always dealt with the [...]

More From Our Brands

Access exclusive content