×

Lakeshore Entertainment Closes Deal for $250 Million Credit Facility

Lakeshore Entertainment Group — which has financed the “Underworld” franchise — has closed its fourth iteration of its revolving credit facility with partners recommitting to over $250 million for another five years.

JPMorgan again led the deal as sole bookrunner and administrative agent, alongside Bank of America and all existing capital partners, which provides a further five-year agreement. According to the company, the transaction never made it to the open capital markets, because Lakeshore’s current group of 10 banks all recommitted early to the new facility, most in amounts exceeding their prior commitments.

Lakeshore was launched in 1994 by CEO Tom Rosenberg. Producer Gary Lucchesi has been president since 1998. Its notable releases include “Runaway Bride,” “Million Dollar Baby,” “The Lincoln Lawyer,” “The Age of Adaline” and “The Boy.”

The company has one television show airing in January (Paramount TV’s “Heathers”) and plans to have another in production by the end of 2017.

The renewed facility provides financing for Lakeshore’s film production slate and P&A activities, as well as the new television arm and ongoing corporate capital. In addition, Lakeshore also renewed three significant transactions with the private equity firm, Vine Alternative Investments. Vine has recommitted its mezzanine financing to the company, extended the previous agreement to co-finance a 12-picture slate, as well as its foreign sales agency partnership.

“JPMorgan, Bank of America and our bank group are highly valued long-term partners to Lakeshore.  We very much appreciate their decades of support and Vine continues to be among the most important and creative financiers in Hollywood,” Rosenberg said. “Their understanding of our business allows us to work shoulder-to-shoulder to navigate the entertainment landscape.”

Lakeshore Entertainment’s COO, Eric Reid, and CFO, Marc Reid, arranged the financing on behalf of the company.

More Film

  • Dreamville Dreamers doc

    J. Cole's Watchful Eye, All-Nighters and Weed: Inside Dreamville's 'Revenge' Doc

    Having the No. 1 project in the country is old hat for J. Cole, but the instant success of Dreamville’s highly-anticipated “Revenge of the Dreamers III” collection, which features collaborations with more than 25 artists, writers and producers (among them: Cozz, Omen, Bas, J.I.D., EarthGang and Ari Lennox), took many by surprise. The first installment [...]

  • The True Adventures of Wolfboy

    Film Review: 'The True Adventures of Wolfboy'

    Most teenage boys would kill for a few whiskers, but not Paul. At 13, he already has a full face of hair, and his peers treat him like a freak for it. So, too, does Martin Krejčí’s “The True Adventures of Wolfboy,” although the movie argues that perhaps being a freak isn’t such a bad [...]

  • 'Top Gun: Maverick' Trailer: Tom Cruise

    Tom Cruise Drops First Trailer for 'Top Gun: Maverick' at Comic-Con (Watch)

    Tom Cruise made a surprise appearance at San Diego Comic-Con on Thursday to hype the forthcoming “Top Gun: Maverick” and receive mass adoration from Hall H. “I felt it was my responsibility to deliver for you,” Cruise told the crowd, tugging local heartstrings by reminiscing on the original “Top Gun” shoot in Downtown San Diego. [...]

  • Tribeca Film Institute

    Tribeca Film Institute, Pond5 Announce Latest Indie Film Grantees (EXCLUSIVE)

    Tribeca Film Institute (TFI) and Pond5 have once again teamed up to offer microgrants to indie filmmakers and artists. The grants, which go as high as $7,500, are intended to help storytellers during “in-between” phases of their projects, such as research, festival travel or community screenings. They’re the kind of unexpected costs that can lead [...]

  • On-Location Filming Slides 3.9% in Los

    On-Location Filming Slides 3.9% in Los Angeles in Second Quarter

    Held down by a lack of soundstage space, total on-location filming in greater Los Angeles declined 3.9% in the second quarter to 8,632 shoot days, permitting agency FilmLA reported Thursday. “Although our latest report reveals a decline in filming on location, local production facilities tell us that they are operating at capacity,” said FilmLA president [...]

  • Avengers: Endgame

    U.S. Box Office, Movie Admissions, Ticket Price Fall in Second Quarter

    U.S. movie admissions slid 2.5% in the second quarter of 2019 to 347.8 million, with box office receipts declining 3.8% to $3.22 billion on the heels of a record-setting year, the National Association of Theatre Owners (NATO) reported Thursday. The overall ticket price for the quarter slipped 1.3%, or 12 cents, to $9.26, compared to [...]

  • Terminator: Dark Fate

    'Terminator: Dark Fate' Will Definitely Be R-Rated, Tim Miller Reveals at Comic-Con

    “Terminator: Dark Fate” is not just a reboot of a beloved franchise, it’s a return to hardcore form that will receive an R rating from the MPAA. Announced at San Diego Comic Con’s opening Hall H panel on Thursday, the move is a departure from the PG-13 status of recent reboot attempts like “Terminator: Genisys” [...]

More From Our Brands

Access exclusive content