The arrangement, which comes in the midst of one of the most severe systemic collapses in US financial history, was provided by leading entertainment lenders led by JPMorgan Chase and Comerica.
The first closing was $295m last week with up to a year to close the remaining $55m. The new facility will be used to funnel additional capital into MRC's entertainment slate and while such investment is not unusual in film, independent financing structures of this nature are rare in the television world.
'It's always challenging to make these deals and certainly the current climate doesn't make things any easier,' Wiczyk said. 'We're really pleased and honoured that a syndicate this strong saw fit to invest in us.'
The syndicate includes Bank Of America, Union Bank, Citibank, Royal Bank Of Scotland, C.I.T., US Bank, City National Bank and First California Bank.
MRC's senior vice president of corporate development and M&A Marni Wieshofer arranged the facility with vice president and head of legal affairs Scott Tenley and vice president of structured finance and operations Jaime Rigal. Michael Chapnick of Morgan, Lewis & Bockius served as outside counsel for JPMorgan Chase and Steven Fayne of Akin Gump was outside counsel for MRC on the deal.
MRC's slate of features includes Walter Salles' drama Linha De Passe and the pipeline includes Sacha Baron Cohen's Bruno, Richard Kelly's horror tale The Box starring Cameron Diaz, Bennett Miller's drama Foxcatcher and Robert Rodriguez' family film Shorts as well as a feature from Todd Field. On the television side of operations, MRC is effectively programming Sunday nights on the CW Television Network in an arrangement that begins to air in two weeks.
'In a credit climate that on its surface has completely shut down, this deal proves that there is money available to strong companies operating with sound business strategy and deliberation,' Wieshofer said. 'The first close was oversubscribed as participating banks realised MRC's distinctive ability to create and monetise content.'