Financing ·
Cineverse Corp.'s subsidiary, Cineverse Pans LLC, entered into a Loan and Security Agreement with BondIt LLC for a…
CNVSCineverse Corp.
Cineverse Corp.'s subsidiary, Cineverse Pans LLC, entered into a Loan and Security Agreement with BondIt LLC for a term loan not to exceed $3,125,000. The loan matures on October 26, 2027, carries a monthly interest rate of 1.39% after an initial minimum interest commitment period, and is secured by rights in the film Pan’s Labyrinth. Proceeds will reimburse advances for the film's re-release and 3D conversion, plus repay part of a credit facility with East West Bank. Cineverse Corp. provided a guaranty capped at $2,343,750, subordinated to its existing bank debt. The lender is entitled to an 11.25% royalty on specified film receipts until recovering up to 1.75 times the principal and interest paid. Cineverse Corp. operates in the entertainment industry, focusing on acquiring, restoring, and distributing classic films.