Luc Besson‘s EuropaCorp has signed with J.P. Morgan, SunTrust Bank and OneWest Bank on a five-year, $450M credit facility. The line, along with a $100M accordion, will be used to finance the studio’s existing credit facility of 105M euros. This is part of EuropaCorp’s plan to expand and will be used to finance a slate of English-language films to be released through its joint distribution venture with Relativity which was formed earlier this year. It will also fund Europacorp’s marketing spend on its projects. Plans are to go from releasing three to eight movies per year. The studio will also make four French-language pics per annum.
Christophe Lambert, CEO of EuropaCorp, said this morning in Cannes, “This new credit facility illustrates the increased confidence in EuropaCorp’s credit quality and financial solidity. It is a major success, as it increases significantly EuropaCorp’s capacities to produce and distribute a wider range of films. After the creation of Relativity EuropaCorp Distribution USA LLC earlier this year that allowed us to fully control our distribution in the U.S. and maximize the visibility for our films, this facility finances our strategy for the next five years.”