‘Parasite’ Producer Neon Signs Revolving Credit Facility
Securing new growth capital from the Japanese banking giant follows a historic Oscar victory for the U.S. distributor of Bong Joon Ho’s drama.
Parasite distributor Neon on Wednesday said it has signed a revolving credit facility with Japan’s MUFG Union Bank.
A Neon spokesperson declined to disclose the size of the credit line but added it was “significant.” The move to raise fresh debt follows Neon securing a best picture Oscar victory for Bong Joon Ho’s Parasite.
Neon said it will use the capital from MUFG Bank to continue building out its film business and to expand its production slate. The company in April promoted Elissa Federoff and Christina Zisa to president of distribution and president of publicity, respectively.
The indie distributor’s releases include I, Tonya and the documentaries Apollo 11 and Three Identical Strangers.
Tom Quinn, Jessica Nickelsberg, Jeff Deutchman and Jim Wehrfritz negotiated the deal on behalf of the studio, along with MUFG director Matt Rosenberg and managing director Tony Beaudoin.
Neon is repped by Sidley Austin and the MUFG Union Bank is repped by Akin Gump Strauss Hauer & Feld LLP.