×
You will be redirected back to your article in seconds

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

  • Lee Unkrich Variety Oscars Nominees Lunch

    'Toy Story 3,' 'Coco' Director Lee Unkrich to Exit Pixar After 25 Years

    Lee Unkrich, who won Academy Awards for “Toy Story 3” and “Coco,” is departing Pixar Animation Studios after 25 years to spend more time with his family. Unkrich joined Pixar in 1994 after working as an assistant editor in television on “Silk Stalkings” and “Renegade.” He served as editor on Pixar’s first feature, 1995’s “Toy [...]

  • Velvet Buzzsaw trailer

    Netflix Original Movies: What to Look Forward To in 2019

    Following the biggest fourth-quarter worldwide subscriber gain ever and some controversy around increased prices in the U.S., Netflix looks to keep its momentum going into 2019. From Jan. 18 through March, the streaming site will release 10 original films, including action-packed thrillers, a post-apocalyptic sci-fi, quirky comedies, inspirational dramas, an artistic horror movie and a viral [...]

  • Third 'Fantastic Beasts' Production Start Pushed

    Third 'Fantastic Beasts' Production Start Pushed Back Several Months

    Warner Bros. is pushing back the production start date of its third “Fantastic Beasts” movie several months from July to the late fall, a spokesperson said Friday. Actors have been notified about the change in dates. The untitled third “Fantastic Beasts” movie has not yet set a release date. “Fantastic Beasts and Where to Find [...]

  • The Beatles Eight Days a Week

    Imagine's Documentary Arm Sets First-Look Pact With Apple (EXCLUSIVE)

    Brian Grazer and Ron Howard’s Imagine Documentaries has set a first-look pact with Apple to develop non-fiction features and series. The deal comes as Imagine is investing heavily in the premium non-fiction arena. The company in June recruited RadicalMedia veteran Justin Wilkes to head Imagine Documentaries as president. The deal suggests that Apple sees docu [...]

  • Walt Disney HQ LA

    Disney Unveils Financial Data for DTC Unit, Sets April 11 for Investor Presentation

    Disney has rejiggered its business segments for earnings reporting to make room for the new unit housing its global streaming operations. Disney on Friday released restated earnings for fiscal 2018, 2017 and 2016 to give investors and financial analysts better visibility into its spending on the launch of the Disney Plus, ESPN Plus and other [...]

  • Glass Movie

    Box Office: 'Glass' Breaking for $47 Million Opening Weekend

    M. Night Shyamalan’s “Glass” is heading for a solid opening of about $47 million at 3,841 North American locations during its first four days, early estimates showed Friday. The performance is slightly below Universal’s forecasts of $50 million for its supernatural thriller, which took in $3.7 million at 3,200 North American sites in Thursday night [...]

More From Our Brands

Access exclusive content