Film Producer Finds $200 Mil Financing From Banks Despite Current Credit Crisis

Isn’t this a nice surprise? Veteran film producer Philippe Rousselet and entertainment executive Fabrice Gianfermi announced today the formation of Vendome Pictures — described in the press release as a development, production and financing entity focused on producing internationally driven and commercially viable feature films designed for the global filmed entertainment marketplace. The company plans to produce a minimum of 12 films with budgets ranging from $10 to $40 million over the next 5 years. This will be accomplished through a $115 million revolving credit facility funded via a consortium of banks led by CIT and RBS Greenwich Capital; a mezzanine facility funded by Newbridge Film Capital; and a group of private equity investors. Vendome’s CEO/prez Rousselet arranged the facility with long-time partner Gianfermi, Vendome’s Co-CEO. Summit International will oversee the sale of Vendome’s films to all territories excluding the United Kingdom, where Vendome’s films will be distributed by StudioCanal’s Optimum Releasing, a wholly-owned subsidiary of the Canal+ Group. In the United States, Vendome will primarily distribute its films via Summit Entertainment, with the possibility of working with other U.S. distributors. Rick Hess, the head of CAA’s Film Finance Group, served as a close advisor in setting up Vendome.