5 Mar, 2021

Concord Music wraps $678M term loan repricing, extension; terms

Concord Music has completed a repricing and extension of its $678 million first-lien term loan in a J.P. Morgan-led transaction, according to sources. Pricing of the seven-year first-lien term loan was finalized at L+300, with a 0.5% Libor floor and an issue price of par. With this transaction, the issuer lowers pricing on the covenant-lite term loan from L+325, with a 0.75% floor, and extends the maturity from August 2027. The borrower is Alchemy Copyrights LLC. Concord Music is engaged in the development, management and acquisition of sound recordings, music publishing and theatrical performance rights. Terms:

Borrower Concord Music (Alchemy Copyrights LLC)
Issue $678 million term loan B
UoP Repricing, Extension
Spread L+300
Libor floor 0.50%
Price 100
Tenor 7-year
YTM 3.55%
Four-year yield 3.55%
Call protection 101 soft call for 6 months
Corporate ratings B+/B1 (existing)
Facility ratings B+/B1 (existing)
Recovery ratings 3 (existing)
Financial covenants None
Arrangers JPM
Admin agent JPM
Px Talk L+300/0.5%/99.875-100
Sponsor Private
Notes