A24 Expands Credit Facility to $125 Million on Strength of ‘Room,’ ‘The Witch’

A24 has increased its corporate credit facility and brought in new financial partners, the indie label behind “Room” and “Ex Machina” announced Tuesday.

The company’s line of credit will expand from $50 million to $125 million, and Bank of America, J.P. Morgan and SunTrust are lending their heft to the financing effort. The company plans to use the facility to build up its film and television businesses.

Comerica Bank and Union Bank originally provided A24 with a line of credit in 2014. Comerica structured and arranged the latest transaction with Union Bank acting as syndication agent.

Last weekend, A24 scored the biggest debut in its history with the twisty horror film “The Witch.” It’s also in the thick of the Oscar race. “Room,” a drama about a woman held captive, scored four Academy Award nominations, including for best picture and actress for Brie Larson. “Ex Machina,” a science-fiction thriller, nabbed a screenplay nomination, and “Amy,” a look at pop star Amy Winehouse, is up for best documentary.

Joshua B. Grode and Paul Swanson of Irell & Manella advised A24 on the deal. Alissa Miller of Akin Gump represented Comerica.

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