Overseas FilmGroup has closed on the $17m equity investment by Rosemary Street Productions, the investment vehicle of New York-based commercial production and studio facilities company EUE Screen Gems Ltd. Overseas has also finalised a new five year, secured revolving credit facility with Chase Securities which has been increased from $30m to $40m.
Rosemary Street now holds 59.5% of the outstanding voting shares of Overseas; Rosemary Street president Christopher Cooney is now chief executive officer and co-chairman of Overseas, joining existing senior management led by co-chairman and president Robbie Little, Ellen Little, chief operating officer and chief financial officer Bill Lischak and senior vice president, marketing and domestic distribution, MJ Peckos.
Overseas plans to use the Chase facility to refinance indebtedness under an existing credit facility, to finance the production and/or acquisition of theatrical, video and TV movies, for working capital and for other general corporate purposes.
"Our strategic plan is to leverage Overseas FilmGroup's unique expertise and long-standing relationships in the international distribution arena," said Cooney in a statement. "We expect to grow our extensive feature film library, further expand our new digital media footprint, broaden our existing distribution infrastructure including our theatrical distribution operation, First Look Pictures, and launch a commercial production division - with creative ties to our other entertainment ventures."
In recent weeks, Overseas has signed a first look agreement with Jon Kilik's Grandview Pictures, bought worldwide rights to Sundance competition entry Blessed Art Thou directed by Tim Disney and appointed Randy Lippert as head of its newly formed commercial production and internet divisions.
Also at Cannes Overseas closed a multi-million dollar financing arrangement with LA/London financing outfit MM Media Capital Partners, enabling Overseas to package and finance "multiple" films each year with budgets of between $20m and $50m. As part of the arrangement, North American distribution on each picture will be through a major studio. The first film under the agreement is the thriller Proximity, produced by Joel Silver, with whom Overseas has an ongoing relationship. The deal was negotiated on behalf of Overseas by Lischak with Hal Sadofff of MM Media Capital Partners.