ole, City National Bank Announce $500 Million Credit Facility
ole has secured a $500 million USD credit facility from 12 U.S. and Canadian banks led by City National Bank. The independent music publishing and rights management company will use the facility to fund future acquisitions.
The transaction, originally launched as a $400 million facility, generated strong demand from both new and existing lenders, and as a result was increased to $500 million, making it the largest credit facility in independent music publishing industry in recent years.
“We believe the overwhelming demand for the facility speaks volumes to ole’s track record of execution and success, and we look forward to finding new opportunities to continue to scale in existing and complementary verticals as well as to further enhance our technology and data management assets,” said ole Chairman and CEO Robert Ott. “We are pleased to have the financial backing, expertise and support from City National Bank and our other financial partners.”
“We’ve been supporting the entertainment industry for over 60 years and we see great potential in ole, which has earned a premier reputation not only in the music industry, but in film and television as well,” said City National Chairman and Chief Executive Officer Russell Goldsmith. “City National’s lead role in this significant credit facility is possible in part because we are now an RBC company and it highlights our ever-growing commitment to serving the broad financial needs of the music industry.”
Now in its twelfth year, ole has completed more than $520 million in acquisitions and controls over 50,000 songs and 60,000 hours of TV/Film music across all genres, making it one of the largest independent rights management companies by revenue and one of the most profitable.
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