Concord Raises $600M for Continued Expansion, Assigned B1/B+ Corporate Ratings
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.
Concord is a private company funded by long-term institutional capital and members of Concord’s management team. https://concord.com
Kelly Voigt, firstname.lastname@example.org, 629-401-3906
About Business Wire
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
Velodyne Lidar, Inc. and Graf Industrial Corp. Announce Closing of Business Combination29.9.2020 22:01:00 CEST | Press release
Velodyne Lidar, Inc. (“Velodyne”) and Graf Industrial Corp. (“Graf”) jointly announced today that they have closed their previously announced business combination, pursuant to which Velodyne became a wholly owned subsidiary of Graf and Graf changed its name to Velodyne Lidar, Inc. The business combination was approved at a special meeting of Graf’s stockholders held today. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200929006064/en/ Beginning on Wednesday, September 30, 2020, the common stock and warrants of Velodyne Lidar, Inc., the post-combination company, are expected to begin trading on The Nasdaq Global Select Market under the ticker symbols “VLDR” and “VLDRW,” respectively. Graf’s units, common stock and warrants will cease trading on the New York Stock Exchange today. About Velodyne Lidar, Inc. Velodyne Lidar is a global leader in lidar technology providing real-time 3D vision for autonomous systems thereby empowe
PMI to Address Equality & Transformation During Upcoming International Events29.9.2020 16:22:00 CEST | Press release
Philip Morris International Inc. (PMI) (NYSE: PM) today announced its participation in several global forums focused on equality in the workplace. Members of PMI’s Senior Management Team—including Chief Diversity Officer Silke Muenster—will detail the steps PMI is taking to further diversify its workplace and explain how fostering a culture built on broader perspectives increases creativity and productivity, ultimately driving innovation and consumer-centricity. Events include: - Sept. 30: Marian Salzman, senior vice president, global communications, will address The Hill’shttps://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fthehill.com%2Fevent%2F517572-century-of-the-woman&esheet=52297021&newsitemid=20200929005799&lan=en-US&anchor=%26%238220%3BCentury+of+the+Woman%2C%26%238221%3B&index=2&md5=dd59f1acaf064094c36e98292381df3c “Century of the Woman,” anevent bringing together remarkable women leaders and decision-makers to discuss progress toward equality and the barriers th
SMITHS DETECTION INTRODUCES COMPACT X-RAY SCANNER FOR VERSATILE COMMERCIAL SECURITY APPLICATIONS29.9.2020 16:00:00 CEST | Press release
Smiths Detection announces its newest X-ray inspection system, HI-SCAN 5030C, that addresses a critical gap in commercial security screening solutions with its optimal size, durability and mobility. Combined with a market-leading HiTraX 3 electronic platform for superior image quality, the HI-SCAN 5030C is specifically designed to enhance security screening operations from courthouses to corporate campuses. Its compact size and lightweight construction enable it to fit seamlessly into checkpoints and mailrooms. Vibration absorbers make it possible to transport HI-SCAN 5030C between various locations without requiring re-calibration, providing maximum flexibility. The HI-SCAN 5030C is Smiths Detection’s smallest X-ray inspection system and offers a wide variety of options including stainless steel castors, storage compartment, 24” monitor, newly designed keyboard with image manipulation keys, and foldable input/output conveyors. It can be upgraded with add-on software packages for train
Andersen Global Strengthens Caribbean Presence with Addition of Templar Chambers29.9.2020 15:30:00 CEST | Press release
Andersen Global enters a Collaboration Agreement with Templar Chambers, one of the largest law firms in Guyana, providing additional coverage for the organization’s Caribbean platform. The full-service law firm was founded in 2004 and provides legal expertise across a wide spectrum of practice areas including banking and finance, corporate, contract and commercial, energy, mining, oil and gas, real estate, litigation as well as intellectual property. The firm brings in a highly experienced team of four attorneys and seven staff members, providing services to local and international clients doing business in Guyana. “Our firm is proud of the key role that we play in supporting Guyana’s development by helping new business enterprises grow and international companies enter the Guyanese market,” Office Managing Partner Glenn Hanoman said. “As one of Guyana’s leading commercial and business law firms, we are committed to providing our clients with best-in-class solutions. Our values and vis
Airship’s Data Study of Nearly 750 Million Individual App Users Finds Mobile App Engagement Rates Have Soared Under Lockdown29.9.2020 15:00:00 CEST | Press release
Customer engagement company Airship today revealed top-level results of its global benchmark study, examining the state of mobile app behaviors across nearly 750 million people worldwide. To distinguish between the impact of the pandemic and longer-term changes due to growing data regulations, more stringent app review policies by Apple and Google and ongoing evolution in user behavior, February 2020 was used for year-over-year analysis and then compared to March-June 2020. The full report is available for download here. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200929005324/en/ From February 2019 to February 2020, all regions saw average direct app opens (when a user opens an app from a click on a web or push notification) per user per month decline. March-June 2020 reversed this trend with all but one region seeing growth. (Graphic: Business Wire) Key findings show that the global pandemic led to massive gains for sev
Cat Rock Capital Issues Presentation on Just Eat Takeaway.com Merger with Grubhub29.9.2020 14:58:00 CEST | Press release
Cat Rock Capital Management LP (together with its affiliates, “Cat Rock Capital”), a long-term oriented investment firm and beneficial owner of approximately 6.8 million shares of the common stock of Just Eat Takeaway.com NV (“Just Eat Takeaway.com”, “JET”, or the “Company”) (LSE: JET), representing circa 4.5% of Just Eat Takeaway.com’s outstanding shares, today released a public presentation on the Just Eat Takeaway.com offer for Grubhub Inc. (“Grubhub”). This presentation can be found at JustEatDoesDeliver.com and is also available upon request via email@example.com. Alex Captain, Founder and Managing Partner, Cat Rock Capital Management LP, commented: “Cat Rock has been a shareholder of Just Eat Takeaway.com NV (“JET” or “the Company”) and its predecessor companies for over three years, and our firm has intensively researched the global online food delivery sector for over five years. We have developed a great respect for CEO Jitse Groen, his team, and his strategy over that time.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom