LOS ANGELES (CelebrityAccess) — Independent music publishing and rights management company ole announced that they have secured a $500 million dollar credit facility from a consortium of banks that it will use to fund future acquisitions.
The transaction originally launched as a $400 million facility, generated strong demand from both new and existing lenders, and as a result was increased to $500 million, making it the largest credit facility in independent music publishing industry in recent years, the company said. Banks participating in the credit facility include twelve Canadian and American financial institutions, led by Los Angeles-based City National Bank.
The acquisitions will help to pad ole's current offerings. The company currently controls over 50,000 songs and 60,000 hours of TV/Film music across all genres and has completed more than $520 million in acquisitions over its 12-year history.
Among its catalog of assets, ole owns the Sony Pictures Entertainment catalog, publishing and masters rights to the Rock band Rush and Pop/Urban Producer/Songwriter, Timbaland. ole has ongoing ventures with Timbaland’s Bluestone, among others. – Staff Writers