IDT’s Anchor Bay Closes $50M Credit Agreement
Created 05/09/2005 - 23:00
files/pictures/picture-35.jpgIDT Ent. announced that its subsidiary Anchor Bay Ent. has closed a credit agreement with a bank group led by J.P. Morgan Chase Bank. The credit agreement provides for a $50 million, five-year, secured revolving credit facility which may be increased to up to $75 million.
If theres one reality in Hollywood, its that acquiring great scripts or producing compelling programming requires financing, said Jim Courter, IDT Corp.s ceo. This special relationship with J.P. Morgan represents more than just money. Its a vote of confidence from the financial community that our plan to make IDT Ent. a global production, distribution, and entertainment company will be successful.
The credit facility provides funding for the production of live-action and animated feature films and television series by IDT Ent.s New Arc Ent., a subsidiary specializing in the production of supernatural/thriller/action genre properties. It will also fund the acquisition of additional titles for home video distribution by IDT En.s Anchor Bay and Manga Ent. subsidiaries.
We are pleased to be doing business with IDT Ent. The companys management is proving to have a firm grasp of the entertainment industry and a bold vision for its future, which is quite extraordinary for an emerging company, said John W. Miller, managing director and head of Western region corporate banking, J.P. Morgan Securities, Inc. In just 18 months, IDT Ent. has created a meaningful presence in the entertainment industry through artful acquisitions and a well thought out strategy.
Our plan is to continue to grow IDT Ent.s production, distribution and licensing businesses, said Morris Berger, IDT Ent.s ceo. This credit facility allows us to accelerate production, expand our creative partnerships, and add new titles. We are now positioned to play a leading role on the world entertainment stage.
IDT Ent., a subsidiary of international telecom, entertainment, and technology company IDT Corp., is a vertically integrated entertainment business that develops, produces and distributes proprietary and licensed entertainment content. IDT Ent.s subsidiaries include animation studios DPS Film Roman, Mainframe Ent. and DKP Studios; distribution companies Anchor Bay Ent., Manga Ent. and IDT Ent. Sales (IDTeS), and production company New Arc Ent.
Anchor Bay Ent. (ABE) is one of the top independent suppliers in the home entertainment arena, with a library of more than 3,500 titles.
New Arc Ent. is IDT Entertainments film production company specializing in live-action and animated feature films and television series programming in the supernatural/thriller/action genre for a variety of platforms.
Manga Ent. Inc. specializes in the production, marketing and distribution of Japanese anime for theatrical, television, Internet, DVD and home video release worldwide.