As the independent sector continues to navigate choppy waters, a number of savvy sales and finance outfits are leaning on film funds and credit facilities to give themselves a competitive edge.
Back in May, Glen Basner’s FilmNation Entertainment secured $50 million in additional capital from Bank of America Merrill Lynch and Union Bank for an equity-backed, part debt, revolving credit facility.
The same month, the Solution Group joined forces with Siren Studios to raise a $50 million revolving equity film fund to finance six to 10 movies a year.
“We had been trying to find ways to grow our business and we needed access to equity to do that,” says Basner, whose company’s longstanding relationship with a number of individuals at both banks, many of whom had overseen a raft of single picture deals with FilmNation, helped spur on the deal.
The first film to use capacity on the debt side »
- Diana Lodderhose
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