Neon Secures $200 Million Credit Facility Led by Comerica Bank
Neon has closed a $200 million plus credit facility led by Comerica Bank. The funding follows the studio’s previous revolving credit facility with Comerica Bank in October 2022.
The new credit will, according to Monday’s official release, “Be allocated to bolster its core operations, including film acquisition, development, production and distribution, while also expanding into new markets. The investment will further support strategic initiatives and strengthen its international footprint, driving additional growth.”
The deal was negotiated and managed by the studio’s chief financial officer Ryan Friscia at the end of a year that has included “Anora,” directed by Sean Baker and starring Mikey Madison, which won the Palme d’Or at Cannes in May; and Osgood Perkins’ “Longlegs,” which became the highest-grossing independent feature of the year with more than $75 million domestically. Their 2024 slate also included Sydney Sweeney in “Immaculate” and Hunter Schafer in “Cuckoo.”
Last week, it won Studio of the Year at the 2024 Clio Entertainment Awards, making it the first indie to win the award.
Derek Riedel, SVP of the Entertainment Group, led the transaction on behalf of Comerica Bank and remarked in an official statement: “Comerica believes in the vision of Neon and couldn’t be more thrilled to support their continued growth. Their ability to identify and curate film, while finding innovative ways to connect audiences with cinema, is unmatched. Supporting Neon and the independent film landscape is a core pillar of our business and we are excited about the future.”
Upcoming projects from the studio include Boots Riley’s “I Love Boosters” starring Keke Palmer, Naomi Ackie, LaKeith Stanfield, Demi Moore, Eiza González, Poppy Liu, Taylour Paige and Will Poulter; “They Follow,” the sequel to “It Follows” from writer/director David Robert Mitchell, starring “Longlegs” lead Maika Monroe; and Michael Covino’s “Splitsville” starring Dakota Johnson and Adria Arjona.
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