NASHVILLE, TN (CelebrityAccess) — After receiving its first corporate credit rating of B1 and B+ from Moody’s and S&P last month, indie music publisher Concord announced it has closed on a new $600 million term loan.
According to Concord, the new loan will be used to partially pay down an existing credit facility of $450 million, creating headroom for future acquisitions.
The loan offering, which was overseen by J.P. Morgan, was initially targeted at $400 million but was upped due to positive response from potential investors.
The transaction comes after numerous acquisitions of high profile catalog this year for Concord, including Musart, Fania, Independiente, Varese Sarabande, Victory Records and Sikorski Music Publishing.
Concord has increased its revenue nearly four-fold over the last five years, driven by growth and $1 billion worth of strategic acquisitions since 2017.
“We couldn’t be happier with the results that the J.P. Morgan team achieved for us in this transaction. Their execution was flawless, and it is very satisfying to see Concord’s hard work and strategic growth of the past few years be so well-received by such a large group of sophisticated financial institutions,” commented Concord CEO Scott Pascucci.
DLA Piper represented Concord in this transaction.