Panavision lands $130M revolver from Siena and Hilco to refinance debt
What's the deal? Siena Lending GroupDealroom has a profile for this one. Try Dealroom → and Hilco GlobalDealroom has a profile for this one. Try Dealroom → have closed a $130 million revolving credit facility with Panavision, the film and television production equipment giant. Siena holds $80 million of the facility and Hilco the remaining $50 million.
The asset-based facility, secured against current and fixed assets, replaces Panavision's existing revolving debt with added liquidity and flexibility. Siena acted as agent and sole bookrunner, while Hilco served as documentation agent and collateral monitoring agent.
Why now? The film industry is navigating shifting production demands and supply chain pressures. Panavision, which provides cameras, lenses, lighting, and other equipment to productions worldwide, needs financial headroom to invest in technology and services as content creation evolves.
"The filmmaking industry continues to face evolving production and supply chain demands," said Dan Rubin, managing director of asset management at Hilco Global. "It was important to create a flexible financing structure that supports long-term investment across Panavision's global platform."
Kim Snyder, president and chief executive officer of Panavision, said the company plans to put the capital toward "the technology and service excellence that will define our next chapter."
What could go wrong? Hollywood's production volumes remain uneven after years of strikes, streaming consolidation, and tighter studio budgets. If content spending contracts further, demand for Panavision's rental equipment could soften — putting pressure on a debt facility secured by those very assets.
The signal: Panavision is classified as a mature-stage company on Dealroom, and the structure of this deal — an asset-based revolver rather than growth equity or venture debt — underscores that profile. With Siena, an investment fund backed by Franklin Resources subsidiary Benefit Street Partners, partnering with Hilco, a diversified corporate lender specialising in asset valuation and collateral monitoring, the facility reflects a broader trend of alternative lenders filling the gap left by traditional banks in capital-intensive, mid-market entertainment infrastructure.
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