Genius Ups Credit Facility5 Nov, 2007 By: Erik Gruenwedel
Genius Products LLC, the DVD distribution company majority owned by The Weinstein Co., Nov. 5 said it closed a $50 million amended and restated credit facility with Soci?t? G?n?rale Corp. & Investment Banking and Alliance & Leicester Commercial Bank.
The three-year, senior-secured revolving credit facility could total $100 million based upon expected incremental commitments, according to a regulatory filing.
Santa Monica, Calif.-based Genius said it would use the funds for working capital, content acquisition, production, distribution and marketing costs.
The funding, which is based in part on Genius — not TWC — accounts receivables, updates a current three year $30 million revolving line of credit with Soci?t? G?n?rale.
The company has more than $22 million available on the revolving facility and about $13 million in free cash, according to regulatory filings.
“The facility will provide the financial capacity for us to fully execute the second phase of our business expansion,” said Stephen Bannon, chairman of Genius.
Expansion includes DVD co-productions with branded partners such as ESPN, World Wrestling Entertainment, Discovery Kids and Dimension Films, among others, according to Bannon.
Genius reports third quarter (ended Sept. 30) results Nov. 14.