You will be redirected back to your article in seconds

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.

More Film

  • Aladdin

    'Aladdin' to Soar Above Box Office Competition Over Memorial Day Weekend

    When Disney first released “Aladdin” in 1992, Bill Clinton was just settling in to the Oval Office, “Game of Thrones” wasn’t much more than a book idea percolating in the mind of author George R.R. Martin, and Johnny Carson was wrapping up his stint as “Tonight Show” host. In some ways, 2019 feels like a [...]

  • Daniel Dae Kim Hellboy

    Cannes: Daniel Dae Kim Joins Joe Penna’s Sci-Fi Thriller ‘Stowaway’

    Daniel Dae Kim, best known recently for ABC’s “The Good Doctor,” will join Anna Kendrick and Toni Collette in Joe Penna’s sci-fi thriller “Stowaway.” The movie marks the second feature from Penna and Ryan Morrison, the duo behind the Cannes Official Selection film “Arctic,” which released earlier this year. XYZ Films and CAA Media Finance [...]

  • Invisible Life Brazilian Cinema

    Karim Ainouz on Cannes Un Certain Regard's ‘The Invisible Life’

    CANNES  —  Karim Aïnouz’s “The Invisible Life” begins with two  sisters, not much over 20, Eurídice (Carol Duarte) and Guida (Julia Stockler) sitting by the shore of one of the multiple bays around Rio de Janeiro, a lush tropical forest behind. They have all their life in front of them. Guida suddenly dashes off clambering [...]

  • Cannes: Neon, Hulu Acquire 'Portrait of

    Cannes: Neon, Hulu Acquire Celine Sciamma’s 'Portrait of a Lady on Fire'

    Neon and Hulu have acquired North American rights to Céline Sciamma’s love story “Portrait of a Lady on Fire,” which premiered in competition at Cannes. Neon is planning a theatrical release for the film this year, which will include an awards campaign in all categories. The film is set in Brittany, France in 1770. Marianne [...]

  • Brightburn review

    Film Review: 'Brightburn'

    “Superman” meets “The Omen” in “Brightburn,” a watchable but super-silly mix of superheroics and evil-child horror that mashes together singularly uninspired ideas from both. Offering R-rated fantasy competition to “Aladdin” this Memorial Day weekend, it should do OK with undiscriminating audiences seeking familiar, forgettable genre thrills. But the franchise prayers that an open-ended fadeout dangles [...]

  • Aladdin

    Film Review: Will Smith in 'Aladdin'

    Of all the characters in Walt Disney Studios’ canon, is there any more animated than the Genie from “Aladdin”? In 1992, old-school cartooning seemed the only way to keep up with comedian Robin Williams’ rapid-fire sense of humor and free-associative gift for improvisation. Much of the appeal of the original “Aladdin” came thanks to the [...]

More From Our Brands

Access exclusive content