CIT Group Inc. announced that CIT Corporate Finance served as joint lead arranger in a $370 million senior secured credit facility for independent film studio The Weinstein Co. The financing will be used to refinance an existing facility and provide working capital to pay for the production, acquisition and distribution of future films. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“The Weinstein Co. is one of the premier Hollywood studios in the world and we are pleased to further expand our relationship with them through this recent financing,” said Kevin Khanna, managing director, CIT Corporate Finance, Communications, Media & Entertainment. “As a key player in the film financing sector, we pride ourselves in putting our knowledge to work on behalf of our clients to help them achieve their goals.”
David Glasser, chief operating officer of The Weinstein Co., said, “This facility offers us flexibility and the potential for growth, as well as the ability to form additional partnerships to distribute our films domestically and internationally. CIT’s deep industry expertise in the sector, combined with their ability to be nimble and flexible allowed us to close this transaction quickly.”
The Weinstein Company's core business activities include the production, acquisition and distribution of films. TWC's recent releases include Silver Linings Playbook, Killing Them Softly, Django Unchained, The Iron Lady, The Artist, The King's Speech and The Butler. The Company also produces films as Dimension Films, a genre label founded in 1993 by Bob Weinstein that has produced many popular franchises including Scream, Spy Kids, Halloween and Scary Movie.
The Weinstein Company is a multimedia production and distribution company launched in October 2005 by Bob and Harvey Weinstein, the brothers who founded Miramax Films in 1979. TWC also encompasses Dimension Films, the genre label founded in 1993 by Bob Weinstein, which has released such popular franchises as Scream, Spy Kids and Scary Movie. Together TWC and Dimension Films have released a broad range of mainstream, genre and specialty films that have been commercial and critical successes. TWC releases took home eight 2012 Academy Awards, the most wins in the studio’s history.
CIT Corporate Finance, Communications, Media & Entertainment’s team of highly experienced financial professionals is dedicated to serving the strategic and financial needs of our clients. We specialize in providing film, entertainment, media, telecommunications, and technology financing solutions for development, expansion, equipment and strategic acquisitions.