A24 Increases Its Credit Facility to $125 Million
Irell & Manella LLP represented film studio A24 in the increase of its corporate credit facility to $125 million.
The company will utilize the capital to continue to build upon its core film distribution business, as well as to expand its film development/production and television businesses. Comerica Bank structured and arranged the transaction, and Union Bank acted as the syndication agent. Bank of America, J.P. Morgan and SunTrust joined Comerica Bank and Union Bank in the Comerica-led financing. Comerica and Union had originally provided A24 with a $50-million line of credit in 2014.
Three of A24’s films, Room, Ex Machina and Amy, have received a total of seven Oscar® nominations this year.