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Post by The Ultimate Nullifier on Oct 3, 2014 21:38:21 GMT -6
deadline.com/2014/10/a24-credit-facility-while-were-young-a-most-violent-year-tusk-845754/A24 Secures $50M Credit Facility Upstart indie distributor A24 said today it has secured a $50 million line of credit from Comerica and Union Bank of California. It said it will use the facility to “build out its core film distribution business and finance initiatives in complimentary industry verticals.” The company is coming off a busy Toronto where it acquired Noah Baumbach’s While We’re Young starring Ben Stiller and Naomi Watts for $4M. It was a big get for A24, which has been chasing Baumbach since the distrib didn’t get Frances Ha. “A24 has quickly claimed a unique place in the marketplace and demonstrated the ability to repeatedly craft compelling distribution campaigns that are innovative on multiple levels,” said Todd Steiner, a VP in Comerica’s Entertainment Group. “We are pleased that we can help support their current business endeavors, and we look forward to being a part of their continued growth.” A24 has an interesting list of credits including JC Chandor’s A Most Violent Year, which is opening AFI Fest and is an awards play with Oscar Isaac and Jessica Chastain toplining; Kevin Smith’s horror pic Tusk; and the breakout indie hit Obvious Child, which it acquired at Sundance, to name a few.
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Post by The Ultimate Nullifier on Oct 5, 2014 19:35:16 GMT -6
variety.com/2014/film/news/distributor-a24-secures-50-million-credit-line-for-expansion-1201320561/In a vote of confidence in the specialty film business, distributor A24 has secured a $50 million line of credit from Comerica and Union Bank of California. The two-year-old company said it will use the funds to build out its core film distribution business and finance initiatives in “complimentary” areas. A24’s top grosser this year is Jenny Slate’s “Obvious Child” with $3.1 million at the U.S. box office. It also has released Scarlett Johansson’s “Under the Skin” with $2.6 million, Kevin Smith’s “Tusk” and Tom Hardy’s “Locke.” Comerica Bank structured the facility and will act as its administrative agent. Union Bank will serve as a co-syndication agent. “This credit facility represents the next logical step in the evolution of our business and provides A24 the capital and flexibility necessary to continue to drive value for all of our stakeholders,” A24’s Matthew Bires said. “Comerica and Union Bank are two of the most creative capital providers in the space and we are very excited to be working with them.” Todd Steiner, a VP in Comerica’s Entertainment Group, said of the deal, “A24 has quickly claimed a unique place in the marketplace and demonstrated the ability to repeatedly craft compelling distribution campaigns that are innovative on multiple levels.”
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