Miramax Film NY, LLC (“Miramax”), today announced the successful completion of the company’s Film Library Asset-Backed Notes offering (“Notes”). The securitization transaction included the issuance of $250 million aggregate principal amount of 3.34% Notes due 2026, as well as a $25 million revolving credit facility, which was undrawn at closing. The Notes and revolving credit facility are rated BBB+ by Standard & Poor’s and BBB (high) by DBRS. Barclays served as the Sole Structuring Advisor and Sole Bookrunner for the securitization, and as the Sole Lender for the revolving credit facility.

Net proceeds from the sale of the Notes will be used for the repayment of all outstanding indebtedness under the 2011 note issuance and general corporate purposes, including investment in new film and television production.

Thomas J. Barrack, Jr., Chairman of Miramax, said, “This refinancing reflects the stability and maturity of Miramax as an operating company and represents the next step in the company’s evolution. We appreciate that the market recognizes Miramax’s quality of content, combined with the consistency, length, diversity and credit quality of contractual income streams, and we look forward to putting these additional funds to work as we grow new production in line with the powerful Miramax brand.”

About Miramax:

Miramax is a leading worldwide film and television studio with a library of more than 700 motion pictures. The Miramax library holds some of the world’s most original and acclaimed independent films including Pulp Fiction, Chicago, Good Will Hunting, The English Patient, Life is Beautiful and City of God – as well as scores of commercial hits such as Bridget Jones’s Diary, and the Scream, Scary Movie and Spy Kids franchises. Collectively, the Miramax library has received 284 Academy Award® nominations and 68 Oscars®, including four Best Picture awards. Miramax’s world-class global distribution team has successfully brought its acclaimed collection of titles to existing and emerging platforms in nearly every country in the world.

Miramax’s new development projects include both TV and film. Currently the studio is working with industry luminaries to create new derivative television series based on their respective award-winning stories and characters. These titles include Gangs of New Yorkwith Martin Scorsese, Cop Land with James Mangold, and Robert Rodriguez’s From Dusk Till Dawn: The Series, recently renewed for a second season. Miramax, together with Sony’s Screen Gems, will release Jeremy Garelick’s film The Wedding Ringer (starring Kevin Hart, Josh Gad and Kaley Cuoco) on January 16, 2015.

Miramax was purchased in 2010 by Qatar Holding, together with the investor group led by Miramax Chairman Thomas J. Barrack, Jr.’s Colony Capital, and is headquartered in Santa Monica, California with an office in London.

 

 

21 Aug 2014