Carlyle closed a $175 million term loan to New Regency, a leading independent, founder-owned global entertainment company that creates and distributes film, television and documentary content across all platforms. This loan is a refinancing and upsize of an existing Carlyle facility, demonstrating the firm’s confidence in New Regency’s ability to navigate the ever-evolving entertainment landscape. J.P. Morgan continues to serve as Lead Left Arranger, Sole Bookrunner, and Administrative Agent to New Regency’s combined $675 million facilities.
New Regency, founded in 1991 by Arnon Milchan and currently led by Chairman-CEO Yariv Milchan, has built a brand and reputation as a studio known for creating critically acclaimed content with commercial appeal. Its vast library, which includes Academy Award®-winner THE REVENANT, the back-to-back Academy Award-winning Best Pictures, 12 YEARS A SLAVE and BIRDMAN as well as the box office hit BOHEMIAN RHAPSODY, FIGHT CLUB, Academy Award-winners L.A. CONFIDENTIAL and HEAT, MAN ON FIRE, and MR. AND MRS. SMITH, remains one of the most valuable catalogues outside of Hollywood’s major studios. The transaction provides new capital for New Regency to scale up its production of ambitious, differentiated, top-quality film and television from the industry’s most exciting voices, both acclaimed and undiscovered.
Recent notable titles include THE CREATOR, from Emmy®-nominated writer-director Gareth Edwards and starring John David Washington, Gemma Chan, Ken Watanabe, and Allison Janney; BARBARIAN, the breakout horror hit with rave word of mouth reviews from writer-director Zach Cregger; and DEEP WATER, directed by Academy Award nominee Adrian Lyne and starring Ben Affleck and Ana de Armas, which debuted as one of the most-streamed titles across all platforms.
On the series side, New Regency recently produced the Apple TV+ title The Crowded Room, created by Academy Award winner Akiva Goldsman and starring Tom Holland and Amanda Seyfried and is about to release the upcoming television adaptation of MR. AND MRS. SMITH for Amazon starring Donald Glover and Maya Erskine.
The company also recently entered the documentary space with OCCUPIED CITY, the powerful documentary on Amsterdam’s Nazi occupation from Academy Award® winner Steve McQueen and, through Double Agent, its joint venture with Black Bear pictures, co-financed acclaimed, Oscar-winning documentarian Alex Gibney’s MUSK documentary which recently landed at HBO.
This transaction builds on Carlyle Global Credit’s demonstrated expertise in investing and lending across the sports, media, and entertainment sector, including relationships with Content Partners, Infront, and a founding partnership with Litmus Music. Carlyle Global Credit has deployed $3.6 billion in and around the sports, media, and entertainment space since 2018.
“With the proliferation of content distribution platforms in recent years, there is an increased demand for high-quality existing content and new content generation,” said Benjamin Fund, Managing Director at Carlyle. “We are pleased to provide capital in support of New Regency’s impressive slate of new releases across film and TV, as well as continue to support the ongoing licensing of their award-winning, critically acclaimed catalog.”
“We’re delighted to have Carlyle’s continued support in the ongoing strategic growth of our company. Given their knowledge and expertise in the entertainment industry, they remain a key partner in our businesses evolution,” said Yariv Milchan, Chairman and CEO of New Regency.
Carlyle Global Credit manages $150 billion in assets as of March 31, 2022. It is an active provider of private credit solutions across the capital structure, including senior secured loans, unitranche loans and junior debt.
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