Leumi Provides $5.2MM Facility for Genius Brands
Genius Brands International closed a $5.2 million credit facility with Bank Leumi secured by its Netflix agreement to produce 30 episodes of the animated preschool series Llama Llama, featuring the voice of Jennifer Garner.
“This is a milestone agreement for GBI on many levels,” said Andy Heyward, chairman and CEO of GBI. “Since we sold neither stock nor equity, there is no dilution for this money. It insures we will have access to the value of the Netflix contract (which is payable on and in the months after delivery), and we will have no need for raising funds to produce the series. It also speaks to third party validation of GBI’s creditworthiness, by an active and well-respected lender in the entertainment credit community.”
Beverly Hills, CA-based Genius Brands International is a publicly traded global brand management company that creates and licenses multimedia content.