German Studio Leonine Secures $220M In Financing Through Loans & Credit Lines
German major Leonine says it has “rearranged its long-term group financing” with €190M ($222M) in loans and revolving credit lines.
The new backing will cover growth and film production financing but will exclude publicly listed Odeon Film, for which Leonine has raised separate funds. The consortium of banks providing the financing is led by DZ Bank and UniCredit Bank and also includes the two Austrian banks Erste Group Bank and Raiffeisenlandesbank Oberösterreich Zweigniederlassung Süddeutschland as well as Santander.
Leonine CFO Joachim Scheuenpflug said: “Rearranging our previous financing structures with a long-term focus was another important milestone in our integration process. As a result, we have significantly optimized our refinancing and standardized it across the group. In addition to the EUR 189 million syndicated credit facility, EUR 33 million production financing volume was optimized for the publicly listed subsidiary Odeon Film AG. We take this as confirmation of the high level of confidence in Leonine’s business model and as an important reference on the part of the financing banks. The syndicated financing facility provides us with additional planning security, a large and reliable flexibility, and enables us to consistently pursue our growth targets”.
Milbank advised Leonine on the legal aspects of the financing facility while the bank was counseled by Freshfields Bruckhaus Deringer.
Leonine, which has distributed movies including Knives Out and John Wick: Chapter 3 – Parabellum, was formed out of the 2019 merger of Tele München Gruppe, Universum Film, i&u TV, Wiedemann & Berg Film and W&B Television.
Source: Read Full Article