CIT Corporate Finance acted as joint lead arranger on a $370 million senior secured credit facility for The Weinstein Company, the movie studio behind such films as Inglourious Basterds and The King’s Speech, according to a statement released earlier this week. Financing was provided by CIT Bank.
“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 CIT Corporate Finance Managing Director Kevin Khanna in a statement. “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.”
Weinstein will use the credit facility to refinance and provide working capital for the production, acquisition and distribution of future films, according to a statement. Last year, Weinstein closed a new $150-million film financing facility with Union Bank of California, according to reports.
In a statement, Weinstein Company chief operating officer David Glasser said the facility will enable the movie studio to build partnerships for the domestic and international distribution of its films. The movie studio, chaired by Harvey and Bob Weinstein, released a number of critically acclaimed films this year, including Fruitvale Station, Mandela: Long Walk to Freedom and Lee Daniels’: The Butler.