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Annapurna Completes $350 Million Credit Facility

Annapurna, the indie film and television company behind “Zero Dark Thirty” and “American Hustle,” has completed a $350 million revolving credit facility.

The move comes as Annapurna is re-positioning itself as a full-fledged studio. It has built up an in-house distribution and marketing team, and is also moving more heavily into the small-screen world. Previously, it released its movies in conjunction with other studios. Annapurna said it will use the credit line to fund its expansion and to build up its development pipeline.

J.P. Morgan served as administrative agent and sole bookrunner for the facility, as well as co-lead arranger with Comerica Bank. Other parties involved in lining up the financing included City National Bank, First Republic Bank, HSBC, MUFG Union Bank, SunTrust Bank, and Wells Fargo.

Annapurna was founded by Megan Ellison, the daughter of Oracle founder Larry Ellison. The company has established itself as a major backer of auteur-driven projects, releasing films from the likes of Kathryn Bigelow, David O. Russell, Spike Jonze, and Paul Thomas Anderson.

Its first release, last summer’s “Detroit,” was a box office failure, though critics praised its depiction of the 1967 race riots in the Motor City. Bigelow directed the picture. Upcoming Annapurna releases include Barry Jenkins’ “If Beale Street Could Talk,” a love story set in Harlem in the early 1970s; and Adam McKay’s “Backstreet,” a drama about Dick Cheney.

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