The Weinstein Co. Finalizing $370 Million Credit Facility: Report
Coming off a busy Toronto fest and riding the $100 million-plus success of Lee Daniels’ The Butler, the Weinsteins are closing in on a deal to replace their existing credit facilities. The Wall Street Journalreports that The Weinstein Company is putting the final touches on a credit
facility from Union Bank worth $370 million. As the company heads into another awards season, the new deal would replace one credit facility worth about $90 million tied to its Netflix streaming deal and another for $125 million linked to receivables on its films. “The Weinstein Co. has instilled the highest confidence level in the banking market since its inception,” said Tony Beaudoin, SVP Entertainment at Union Bank told WSJ, adding that at least a half-dozen other banks have committed to support the new credit facility. In the wake of Toronto pickups including The Disappearance of Eleanor Rigby: Him and Her, Can a Song Save Your Life? and The Railway Man, the Weinstein Company is set to release such films as Mandela: Long Walk to Freedom, Grace of Monaco and August: Osage County during the next few months.
Related: Toronto 2013: Late Nights And Lotsa Deals
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