Business Wire

Concord Raises $600M for Continued Expansion, Assigned B1/B+ Corporate Ratings

Share

After receiving first-time corporate credit ratings of B1 and B+from Moody’s and S&P last month, Concord announced today that it has closed on a $600 million term loan B debt offering which, in addition to its existing $450 million revolving credit facility, provides the company with access to over $1 billion of total debt financing, further cementing its position as the world’s most significant independent music and theatrical rights company.

The term loan B offering, which was placed with 90 investment firms by J.P. Morgan, was upsized from an initially proposed $400 million issuance due to more than 6x oversubscription after a two-week marketing process. Proceeds from the new debt will be used to partially pay down the company’s revolving credit facility, allowing for significant additional capital availability for future acquisitions and working capital.

Bob Valentine, Concord’s CFO, remarked, “This highly successful debt offering is further validation that institutional investors believe in Concord’s long-term strategy of building one of the preeminent independent music companies in the world. It also shows that those investors are hungry to invest in timeless music content with global appeal that can be legitimately accessed and enjoyed by consumers everywhere, in more diverse and readily available ways than at any time in history. We are especially appreciative of our financing partner of over 20 years, J.P. Morgan, for their continued support in the evolution of our company, and are thrilled to share yet another milestone with them.”

“For more than two decades J.P. Morgan has had the pleasure of working with Concord and watching them evolve to become the preeminent independent music company they are today,” said David Shaheen, Head of Entertainment Industries and West Region for J.P. Morgan’s Corporate Client Banking and Specialized Industries business. “Concord’s success is a testament to the quality of their management and strength of sponsorship, we look forward to helping them build on their numerous accomplishments.”

Concord has increased its revenue nearly four-fold over the last five years, due to organic growth and strategic acquisitions to which it has committed over $1 billion since 2017. In January, Concord acquired a substantial equity position in PULSE Music Group, one of today’s hottest music publishers, signaling the company’s move into chart-focused A&R. PULSE’s roster is responsible for four Hot 100 #1 hits this year and includes Kehlani, Starrah, Ty Dolla $ign, BloodPop, Flo Milli and Trevor Daniel whose new single “Falling” hit #1 at Top 40 Radio and has been certified 2x Platinum by the RIAA. Last month, Concord signed songwriting superstar Hillary Lindsey to an exclusive worldwide co-publishing agreement with regard to her future works while also acquiring an interest in her back catalog and forming a new joint venture to develop upcoming country songwriters. Lindsey’s catalog includes eleven #1 singles with Carrie Underwood as well as chart-toppers for Luke Bryan, Lady A, Taylor Swift, Keith Urban and more. And, just yesterday, Concord announced the purchase of the publishing catalog of pop-rock behemoth Imagine Dragons, including four singles that each hit 1 billion streams on Spotify among them the RIAA Diamond single “Radioactive.”

“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.

These 2020 transactions follow Concord’s recent acquisitions of various genre-defining recorded music and publishing companies such as Musart, Fania, Independiente, Varese Sarabande, Victory Records and Sikorski Music Publishing. Over the past three years, Concord has also created an industry-leading theatricals licensing company, Concord Theatricals, by combining The Rodgers and Hammerstein Organization, which it acquired as part of its industry-transforming acquisition of Imagem in 2017, with the iconic works of Andrew Lloyd Webber, and the Tams-Witmark and Samuel French licensing houses.

DLA Piper represented Concord in this transaction.

ABOUT CONCORD

Concord is a private company funded by long-term institutional capital and members of Concord’s management team. https://concord.com

Contact information

Kelly Voigt, kelly.voigt@concord.com, 629-401-3906

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

International AI Art Competition Enters Final Round30.9.2020 18:16:00 CESTPress release

Ten finalists have been announced for AI Artathon, the first ever international AI Art competition held in Saudi Arabia. The finalists were revealed during a livestream event to showcase artworks created by the competitors using artificial intelligence tools and techniques. The three winning teams will be announced at the Global AI Summit on 22nd October, where they will share a prize of US$133,000. The AI Artathon is an initiative of the Global AI Summit, to highlight the creative potential of humans and machines working together to create innovative artworks. Twenty teams made up of artists, graphic designers, AI experts and programmers, competed in this stage of the competition, after qualifying during a hackathon held in Riyadh in January. Over 2,000 people from over 50 countries applied to participate in the hackathon, with 300 selected for the three-day event, where teams were formed to develop initial AI art concepts. Twenty teams were selected to take part in a bootcamp, where

VALBIOTIS Publishes Its 2020 Half-Year Results and Provides an Update on Its Global Strategic Partnership with Nestlé Health Science, its strong Financial Visibility and the Promising Advances in Its Pipeline30.9.2020 17:40:00 CESTPress release

Regulatory News: VALBIOTIS (Paris:ALVAL) (FR0013254851 – ALVAL / eligible for the PEA/SME), a Research & Development company committed to scientific innovation for preventing and combating metabolic diseases, announces its results for the first half of 2020 and provides an update on developments since the beginning of the year. Sébastien PELTIER, CEO of VALBIOTIS, commented: "Events in the first half of 2020 have transformed our outlook and helped further boost our international recognition. With the signature of the development and marketing partnership for TOTUM-63 and the launch of the final clinical phase for this Nutrition Healthcare product, entirely financed by Nestlé Health Science, we have demonstrated the soundness of our development model. We are now moving confidently towards marketing and claim submission for TOTUM-63 and, thanks to a solid financial position, we are also working to apply this same model to the rest of our Nutrition Healthcare portfolio. At the head of the

Bittrex Global to Operate Cryptocurrency Exchange From Bermuda30.9.2020 17:16:00 CESTPress release

Bittrex Global (Bermuda) Ltd. received a full Class F Digital Assets Business Act license to operate its acclaimed cryptocurrency exchange under the supervision of the Bermuda Monetary Authority (BMA). The Bermuda-based entity will provide Bittrex Global with an additional important gateway for global accounts. From its Bermuda hub, Bittrex Global (Bermuda) will offer additional digital asset services over time subject to further approval by the BMA, such as futures. “The entire crypto industry is about looking forward,” said Bittrex Global’s CEO Tom Albright. “Working with the Bermuda Government and the BMA to be part of another regulatory community that keeps innovating is extremely exciting and is an important step in increasing crypto’s penetration at all levels of the financial industry.” Bermuda Premier David Burt added “attracting Bittrex Global to Bermuda is a significant achievement. As one of the leading global exchanges, Bittrex Global’s choice of Bermuda for expanding their

GA Telesis Plans to Deliver Renewed Confidence in Air Travel Through its New Global Distribution Agreement with Honeywell for a State-of-the-Art UV Cabin Cleaning System30.9.2020 16:50:00 CESTPress release

In an effort to help restore confidence to the flying public, GA Telesis, LLC, has teamed with Honeywell and entered into a distribution agreement to act as a global distributor for their UV Aircraft Cabin Cleaning system. This partnership is another step in the development of GA Telesis’Tarmac Solutions Group's ability to offer a fully comprehensive Specialized Tooling and Ground Support Equipment solution for airlines around the world. This cabin system utilizes Ultraviolet (UV) light to quickly traverse an aircraft cabin, galleys & lavatories in less than ten minutes. In addition to measures already being taken by airlines in flight like the use of cabin air exchange and HEPA filters, this new system, when properly applied, reduces certain viruses and bacteria on airplane cabin surfaces and can assist in creating a cleaner environment for passengers and crew after the airplane lands and before each flight. The UV cabin cleaning system is intended to help instill confidence to busine

Velodyne Lidar Announces Inaugural Trading on Nasdaq Global Select Market30.9.2020 15:31:00 CESTPress release

Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today announced shares of its common stock and warrants have begun trading on The Nasdaq Global Select Market under the ticker symbols “VLDR” (common stock) and “VLDRW” (warrants). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200930005166/en/ Velodyne Lidar is the first public pure-play lidar company and is known worldwide for its broad portfolio of breakthrough lidar technologies, including revolutionary sensor and software solutions. (Photo: Velodyne Lidar, Inc.) Velodyne is the first public pure-play lidar company and is known worldwide for its broad portfolio of breakthrough lidar technologies, including revolutionary sensor and software solutions. These innovative technologies deliver performance, quality and flexibility to meet the needs of a wide range of industries such as autonomous vehicles and growing new markets. Currently, Velodyne serves the automotive industry with

97% of PeopleSoft Licensees Believe Current Releases Meet Their Needs30.9.2020 15:00:00 CESTPress release

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of business software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today revealed significant findings from its recent survey of Oracle PeopleSoft licensees, which was conducted to better understand licensees’ software product and release roadmap strategies, current challenges and application support and operating plans. The survey highlights that an overwhelming 97% of respondents believe their current PeopleSoft releases meet all or most of their business needs. Further, many licensees are taking steps to maximize the value and extend the lifespan of their robust and mature current releases, including moving their PeopleSoft software to a cloud hosting platform, utilizing Application Management Services and switching their annual support to third-party support providers like Rimini Street. This press release features multimedia. View the full release