Neon Secures $200M Credit Facility to Expand Operations

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As a seasoned gamer with a penchant for indie films, the news of Neon‘s $200 million credit facility leaves me exhilarated! It feels like leveling up in the world of cinema, moving from the indie gaming scene to a major studio. The diverse and captivating lineup of upcoming productions, including Boots Riley’s ‘I Love Boosters’, David Robert Mitchell’s ‘They Follow’, and Michael Covino’s ‘Splitsville’, promises an exciting journey through various genres.

Neon, the independent film distributor launched by Tom Quinn and renowned for its commercial success in art house movies like “Parasite” and most recently Sean Baker’s “Anora”, has managed to secure a $200 million loan facility. This substantial credit line is headed by Comerica Bank and involves a group of lenders.

The revolver (a type of loan) will aid in the expansion and enhancement of Neon’s business activities, such as film procurement, development, production, and distribution. Moreover, it will propel Neon into unexplored international markets. In 2022, Neon obtained a rotating line of credit from Comerica Bank to augment its existing credit facility.

Fresh financing will further boost Neon’s production endeavors as well. The studio’s upcoming film lineup comprises several exciting projects, such as the Boots Riley film titled “I Love Boosters“, featuring Keke Palmer, Naomi Ackie, and LaKeith Stanfield; a follow-up to the horror masterpiece “It Follows” named “They Follow“, directed by David Robert Mitchell and starring Maika Monroe; and Michael Covino’s production “Splitsville“, which stars Dakota Johnson and Adria Arjona.

The financing arrangement was struck by Neon’s Chief Financial Officer, Ryan Friscia, following the premiere of Baker’s movie “Anora,” featuring Mikey Madison and awarded the Palme d’Or at Cannes, as well as Osgood Perkins’ horror flick “Longlegs,” which has made approximately $75 million in domestic box office sales.

Derek Riedel, the senior vice president at Comerica Bank’s entertainment group, expressed in a statement: “Comerica fully endorses Neon’s vision and couldn’t be more excited to assist in their ongoing development. Their talent for discovering and presenting films, along with their innovative methods of linking viewers with cinematic experiences, is second to none.

Forthcoming Neon productions feature:

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2024-11-25 23:24