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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.

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“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.

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