Genius closes $50 million credit facility
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By Susanne Ault -- Video Business, 11/5/2007
NOV. 5 | Genius Products LLC has closed a $50 million amended and restated credit facility with Société Générale Corporate & Investment Banking and Alliance & Leicester Commercial Bank.
In this three-year revolving facility, Genius will have access to $50 million at the start, expanding to $100 million based on expected incremental commitments.
The indie supplier, majority owned by The Weinstein Co., will use the facility to fund content acquisition, productions, distribution and marketing.
“We believe this increase is a strong endorsement of Genius’ solid strategic platform and our expanding relationships with content partners,” Genius chair Stephen K. Bannon said. “The facility will provide the financial capital for us to fully execute the second phase of our business expansion, including co-productions with our branded partners in our four verticals of sports, family/faith, lifestyle and independent film. Co-productions will augment our distribution expertise, and our anticipated ownership of the copyright and distribution rights will greatly enhance the value of our library.”