Relativity Media is investing a further $300m into co-financing the Universal slate through wholly owned subsidiary Beverly Blvd 2 LLC (Beverly 2).
The money comes from a senior secured revolving credit facility jointly structured through Comerica Bank and Union Bank. Further funds may become available through Beverly 2 for Relativity and Universal’s co-financing and co-production arrangement.
Relativity sources said the company currently co-finances approximately 75% of Universal’s slate through 2015.
“We are very happy to continue to build our relationship with Comerica Bank and Union Bank, which has resulted in significant business over the past several years,” Relativity CEO Ryan Kavanaugh said.
“They have been great partners, and continued to be through the course of this transaction. We are looking forward to a strong continued relationship.”
“We are very pleased that Relativity was able to further optimise its capital structure by closing this facility,” Jesse A Cohn, portfolio manager at the significant Relativity Media shareholder, Elliott Management, said.
“As a successful, growing business, Relativity knows how to best deploy its capital and we are very supportive of their growth and well-established partnership.”
Relativity COO Andrew Marcus, executive vice-president of business development Ramon Wilson and executive vice-president of corporate affairs Greg Shamo brokered the deal with Jared Underwood, senior vice-president on behalf of Comerica Bank, and Union Bank senior vice-president Bryan LaCour and vice-president Brian Stearns.