Posted: October 21, 2021 at 9:00 a.m. EDT|Update: 25 minutes ago
NEW YORK, 21 October 2021 / PRNewswire / – CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications business has served as a senior arranger and administrative agent until $ 95 million in financing to revive Hollywood Castle Rock Entertainment film production company.
Castle Rock was founded in 1987 by the Oscar nominated director Rob reiner, who will remain CEO of the relaunched company, alongside Martin shafer, Andrew Scheinman, Glenn padnick and Alain horn. Reiner will be joined by Michele Reiner and Matthew Georges as co-chairs. The transaction includes a senior secured credit facility for $ 65 million with accordion function up to $ 30 million Following.
Castle Rock has produced over 125 films, including such notable titles as “When Harry Met Sally”, “A Few Good Men”, “Miss Congeniality” and “The Shawshank Redemption”. In addition, he produced “Seinfeld”, widely regarded as one of the most successful comedy series in television history.
âI couldn’t be more thrilled,â said Rob reiner. âThe Castle Rock Lighthouse has always been a safe harbor for the creative community. With this relaunch, we will be able to continue the tradition of providing an environment for filmmakers to do their best.
“We are delighted to support the relaunch of Castle Rock Entertainment, one of the most iconic brands in film and television, as it prepares to expand its long history of success in the entertainment industry,” said declared Thomas westdyk, Managing Director and Group Head of the Technology, Media and Telecommunications business of CIT. “Our sales team of David Olivier, Jennifer Del Preore and Kevin Clemence worked closely with our client to understand their goals and structure the right financing. “
CIT’s Technology, Media and Telecommunications business responds to the development, expansion, equipment and strategic acquisition needs of customers in the telecommunications, technology, media and information services industries. The group, which is part of CIT’s Commercial Finance division, provides recurring income, cash flow, real estate and asset-based senior debt solutions to mid-market companies through United States.
About the CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to achieve their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a primary banking subsidiary, CIT Bank, NA (FDIC member, Equal Housing Lender). The Company’s commercial banking segment includes trade finance, community association banking, middle market banking, equipment and vendor finance, factoring, railcar finance, freight forwarding services. treasury and payments, as well as capital markets and asset management. CIT’s personal banking segment includes a national direct bank and a network of regional branches. Find out more at cit.com/about.
John M. Moran
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