Home Topics Business Canada's Anthem Entertainment adds $ 550 million to purchasing power with a...

Canada’s Anthem Entertainment adds $ 550 million to purchasing power with a new credit facility

Anthem Entertainment has a lot more cash.

The acquiring Canadian music rights and services company formerly known as Olé Entertainment announced that it has received a new revolving credit facility of $ 400 million and an accordion of $ 150 million. (An accordion allows a borrower to gradually increase availability under an existing credit facility.)

In addition, the Ontario Teachers’ Pension Plan pumped an additional, undisclosed amount of money into Anthem, generating a greater stake in the company.

A media release said the retirement plan did this to “facilitate the company’s strategy for further growth.”

Helen Murphy, CEO of Anthem Entertainment, commented, “I am grateful to the Ontario teachers for their confidence in our strategy and for their continued support.

“In recent years we have grown successfully through a strong combination of organic growth and acquisitions. This allows us to further diversify our range of services and our repertoire base and are more attractive for artists, songwriters, composers and content producers. “

“We believe that with this additional equity investment and our new credit facility, we are well positioned to capitalize on the opportunities in our music publishing, music recording, music production, and film and television services businesses.”

Helen Murphy, anthem entertainment

Murphy added, “We believe that with this additional equity investment and our new credit facility, we are well positioned to capitalize on the opportunities in our music publishing, recording, production, and film and television services businesses.

“We are also grateful to the banks in our syndicate, many of whom have long been supporters of Anthem Entertainment in our 17-year history.”

Anthem Entertainment, with offices in New York, Los Angeles, London, Nashville and Toronto, has spent hundreds of millions of dollars on music rights and royalties.

Most recently, in October last year, Anthem acquired a catalog of songs from the Boardwalk Music Group that were co-written by songwriter Eric Frederic (Ricky Reed).

Anthem now has a significant rival in his native Canada when it comes to competitive music acquisitions: Kilometer Music Group was founded earlier this year under the leadership of Michael McCarty and has a potential to spend $ 200 million.

Truist Securities acted as the left lead arranger for Anthem Entertainment’s new $ 400 million credit facility. Fifth Third Bank acted as Joint Lead Arranger, Union Bank as Syndication Agent and Regions Bank as Documentation Agent.

Other banks in the facility include Bank of America, Bank Hapoalim, CIT Bank, First Horizon Bank, HSBC Bank, Pacific Premier Bank, Pinnacle Bank, and Scotiabank.Music business worldwide

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