Concord On A Roll As Debt Is Restructured

Concord

Music and theatrical rights company CONCORD has closed on a $600 million term loan B debt offering placed with 90 investment firms, added to its existing $450 million revolving credit facility. The offering was expanded from an initial $400 million proposal by financing partner J.P. MORGAN. DLA PIPER represented CONCORD in the deal.

CONCORD CFO BOB VALENTINE 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. 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.” said J.P. MORGAN Corporate Client Banking and Specialized Industries Head/Entertainment Industries/WEST Region DAVID SHAHEEN

CONCORD CEO Scott Pascucci commented “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."

CONCORD acquired an equity position in PULSE MUSIC GROUP in JANUARY and YESTERDAY announced the purchase of the publishing catalog of IMAGINE DRAGONS.

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