TWC to launch Asian Film Fund
Company appoints Goldman Sachs as advisor
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Company has appointed Goldman Sachs as financial adviser and will manage the fund itself. TWC is in a "quiet period" while coin is gathered from investors and financiers.
Fund, which TWC has planned from its earliest days as an independent company, is expected to invest in Asian-made or -themed movies.
It is understood that over its six-year lifespan, the fund will bankroll some 30 movies, including Cannes opening film "My Blueberry Nights" by Wong Kar Wai, and two pics in development, a live-action version of "Mulan" and a remake of "The Seven Samurai."
According to financial sources, the fund will include $15 million of equity capital from TWC, a further $10 million of equity from other sources (possibly Goldman itself) with $200 million of senior corporate debt and the balance junior debt. Analysts estimate the interest payments will amount to some $19 million per year.
TWC co-topper Harvey Weinstein was in Hong Kong last week to woo investors and screen a couple of possible acquisitions.
Goldman Sachs was previously involved two years ago in raising $490 million in equity and a $500 million debt facility when TWC was launched.
