Neon set to expand production with new revolving line of credit from Comerica Bank
Neon has entered into a revolving credit facility agreement with Comerica Bank, the retailer announced on Tuesday. The deal is intended to help the “Moonage Daydream” aggressively expand its production slate and build on its core film business.
This agreement with Comerica is also an extension of a previous revolving credit facility Neon established with MUFG Union Bank in 2020. There was also a report this summer that Neon would consider a sale after rival A24 recently sold a minority stake for $225. million.
“Comerica is delighted to establish a relationship with Tom and the Neon team as they enter this exciting new phase of growth,” said Derek Riedel, senior vice president of Comerica Bank’s Entertainment Group, in a statement. . “The company has been a market leader since its inception and continues to acquire, produce and release dynamic films in the market. We couldn’t be more thrilled to be their partner moving forward.
Neon recently released Ruben Östlund’s Palme d’Or ‘Triangle of Sadness’ at Cannes, and will soon release Laura Poitras’ ‘All Beauty and Bloodshed’, which won the Golden Lion at Venice. He also acquired TIFF’s “How to Blow Up a Pipeline” and will soon be releasing Hirokazu Kore-eda’s “Broker,” starring “Parasite” actor Song Kang-ho.
Some of his projects in development and production include the narrative remake “2073” by Asif Kapadia, “The Painter and the Thief”, “Infinity Pool” by Brandon Cronenberg and “The End” by Joshua Oppenheimer and star Tilda Swinton. among others.
Ryan Friscia and Jessica Nickelsberg brokered the deal on behalf of NEON with Comerica Bank’s Derek Riedel and David Shaver. NEON is replaced by Sidley Austin LLP and Comerica Bank by Babok & Robinson LLP.