Film Obligations

3 Months Ended

Jun. 30, 2021


	June 30, 2021		March 31, 2021
	(Amounts in millions)
Program rights and other film obligations	$	203.5	$	214.6
Production loans	474.6		373.5
Production tax credit facility	184.5		120.0
Total film obligations	862.6		708.1
Unamortized debt issuance costs	(4.2)		(4.6)
Total film obligations, net	858.4		703.5
Less current portion	(349.1)		(385.0)
Total non-current film obligations	$	509.3	$	318.5

Program Rights and Other Film Obligations

Program rights and other film obligations include minimum guarantees and accrued licensed program rights obligations, which represent amounts payable for film or television rights that the Company has acquired or licensed and certain theatrical marketing obligations for amounts received from third parties that are contractually committed for theatrical marketing expenditures associated with specific titles.

Production Loans

Production loans represent individual loans for the production of film and television programs that the Company produces. The majority of production loans have contractual repayment dates either at or near the expected completion date, with the exception of certain loans containing repayment dates on a longer term basis, and incur LIBOR-based interest at rates ranging from 2.22% to 2.66% (before the impact of interest rate swaps, see Note 16 for interest rate swaps).

Production Tax Credit Facility

In January 2021, as amended on March 31, 2021, the Company entered into a non-recourse senior secured revolving credit facility (the "Production Tax Credit Facility") based on collateral consisting of certain of the Company’s tax credit receivables. The maximum principal amount of the Production Tax Credit Facility is $220.0 million, subject to the amount of collateral available, which is based on specified percentages of amounts payable to the Company by governmental authorities pursuant to the tax incentive laws of certain eligible jurisdictions that arise from the production or exploitation of motion pictures and television programming in such jurisdiction. Advances under the Production Tax Credit Facility bear interest at a rate equal to, at the Company’s option, LIBOR plus 1.50% per annum or the base rate plus 0.50% per annum (effective interest rate of 1.60% at June 30, 2021). The Production Tax Credit Facility matures on January 27, 2025. As of June 30, 2021, there were no additional amounts available under the Production Tax Credit Facility.