Montreal: Behaviour Communications has signed a commitment letter for a revolving credit facility with the Chase Manhattan Bank. The facility will provide Behaviour with a minimum of $30 million to be used to refinance debt, including bank loans and a scheduled payment to MDP Worldwide totaling over $14 million, and for general working capital and film production and international licensing activities.
Chase has committed to $12 million of the $30 million, subject to syndication, which is in progress.
Bernard Legendre, Behaviour’s president and ceo, says, ‘This new facility will give us a strong foundation for growth and profitability in the filmed entertainment sector.’
Behaviour also announced it has signed matinee idol Antonio Banderas to star in the $40-million thriller The Body. The film was written and will be directed by Jonas McCord and is slated to shoot this October.
Other films licensed by Behaviour Worldwide and slated to film this summer include Allison Anders’ drama Things Behind the Sun and the romantic comedy Love and Sex.