New York-based GreeneStreet Films has arranged a four-year secured revolving credit facility with bank holding company CIT Group Inc.
CIT Communications, Media & Entertainment arranged the financing through CIT Bank and the facility is expected to free up approximately $15m a year for general working capital and to help fund GreeneStreet’s slate, which includes selected projects from Peter Block’s affiliate company A Bigger Boat.
GreeneStreet’s line-up includes the untitled Peter Farrelly and Charlie Wessler comedy in pre-production that Overture Films is co-financing and will distribute in North America. GreeneStreet will use initial funds for three additional projects in 2009 including Matt Reeves’ Invisible Woman, and the Echo Lake co-production The Ward from John Carpenter.
It is understood that GreeneStreet and A Bigger Boat’s exclusive international sales agreement with Glen Basner’s FilmNation helped to secure the credit facility. COO Mike Hogan negotiated the deal on behalf of GreeneStreet with a deal team lead by Sherrese Clarke and Suraj Gohill from CIT.
“The independent film industry plays a vital and growing role in the New York City economy,” Wade Layton, managing director of CIT Communications, Media & Entertainment, said. “We are pleased to arrange this financing for GreeneStreet, which represents our continued support of the film industry in today’s tough capital markets.”
“We’re excited about the future work this new partnership will bring and to expand our long history in production financing,” GreeneStreet co-presidents and founding partners John Penotti and Tim Williams said. “CIT has been a consistent leader in the industry, and we are pleased that, especially in this economic environment, they saw the value of our infrastructure and going-forward plans. This is a big step forward for our desire to produce more independently spirited and commercially minded projects.”
GreeneStreet’s credits include In The Bedroom, Swimfan, Pinero, A Prairie Home Companion, and Tenderness, the next release on the slate through Lionsgate.