The distributor announced Tuesday that Neon had closed a deal for a revolving loan facility with Comerica Bank. The deal is meant to benefit the “Moonage Daydream”It will aggressively expand its production portfolio and strengthen its core film business.
This deal with Comerica expands on a previously established revolving credit facility between Neon and MUFG Union in 2020. This summer, there was a report that Neon would consider selling its minority stake in A24 after it sold it for $225million.
“Comerica is ecstatic to establish a relationship with Tom and the Neon team as they enter this new phase of exciting growth,” said Derek Riedel, SVP of Comerica Bank’s Entertainment Group, in a statement. “The company has been a market leader since their formation and continues to acquire, produce and release dynamic films in the marketplace. We couldn’t be more thrilled to be their partner moving forward.”
Neon was recently released “Triangle of Sadness,” Ruben Östlund’s Palme d’Or winner out of Cannes, and it will soon release Laura Poitras’ “All the Beauty and the Bloodshed,”It was awarded the Golden Lion in Venice. It was also purchased from TIFF “How to Blow Up a Pipeline” and will soon release Hirokazu Kore-eda’s “Broker,”Staring “Parasite”Actor Song Kang-ho
Some of its projects in development production include Asif Kapadia’s “2073,” “The Painter and the Thief” narrative remake, Brandon Cronenberg’s “Infinity Pool” and “The End”Joshua Oppenheimer and Tilda Swinton are two examples.
Ryan Friscia and Jessica Nickelsberg negotiated the deal on behalf of NEON along with Comerica Bank’s Derek Riedel and David Shaver. NEON is repped by Sidley Austin LLP and Comerica Bank by Babok & Robinson LLP.