Miramax Seeks to Refinance its Debt28 Oct, 2011 By: Erik Gruenwedel
Indie studio selling notes to investors backed by its 700-title catalog, including ironically last summer’s theatrical release, 'The Debt,' starring Helen Mirren and Sam Worthington
Miramax Oct. 28 said it plans to refinance an undisclosed amount of debt with a film rights and contracted receivables asset-backed securitization. It hopes to close the securitization by the fourth quarter.
Santa Monica, Calif.-based Miramax, which was founded and later sold by Bob and Harvey Weinstein, has aggressively sought to monetize its vaunted catalog via myriad physical and digital distribution deals, including partnerships with Lionsgate, Studiocanal and, most recently, Netflix, Hulu and Facebook.
Miramax’s titles include Pulp Fiction; Shakespeare in Love; Chicago; Good Will Hunting; The English Patient; No Country for Old Men; Kill Bill Vol. I and II; Life Is Beautiful; Reservoir Dogs; Sex, Lies, and Videotape; Cinema Paradiso and My Left Foot. Additional films include commercial hits such as Bridget Jones’s Diary, Bad Santa and the "Scream," "Hellraiser," "Scary Movie" and "Spy Kids" franchises, among others.
The studio released two theatrical movies last summer, including The Debt, starring Helen Mirren and Sam Worthington, and the Guillermo del Toro-produced Don’t Be Afraid of the Dark, starring Katie Holmes and Guy Pearce.