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Bug Music Secures New $200 Million Credit Facility Led By JP Morgan
Bug Music, Inc., one of the world's largest independent music publishers, has secured a new $200,000,000 credit facility, which can be increased to $250,000,000. The facility, priced at the London interbank offered rate (Libor) plus 2.50%, was led by investment bank JP Morgan, it was announced today by Bug Music CEO John Rudolph. "Oursound business fundamentals and practices continue to be rewarded as reflected by the facility size and attractive rate, in spite of a very difficult credit market. The significant upsizing of our credit facility will enable Bug Music to continue to have the financial resources to pursue acquisition opportunities and will enable us to continue to grow the company effectively," stated Rudolph. Rudolph added, "Jason Somerville and the JP Morgan's team in the Entertainment Industries Group are a great partner and have again demonstrated their ability to deliver. In the past two years, our competitors were often overly aggressive in their M&A activities whereas we were viewed as conservative. Nowthis discipline is paying off and is evidenced by JPMorgan and eight othersponsor banks joining the facility. Bug Music is a rapidly growing, highly profitable publisher with great prospects for continued growth." Thomas McGrath, Bug Music's Chairman, noted, "Bug Music continues to show "best in class" management and profitable growth through its M&A activity and its creative collaborations with its valued writers. With a music library of more than 250,000 copyrights, and offices now in seven cities across the US and Europe, Bug Music has emerged as the largest, most important independent music publisher dedicated tobuilding a business for the long-term. We are excited to be a part of this great growth story in music publishing and look forward to continuing our long-term partnership." Bug Music's recent activity has begun to redefine the nature of the traditional publishing company, by creating unique and innovative deals that allow for more creative collaboration beyond administration. The company's most recent deals have included the signing of Kara DioGuardi, American Idol's newest judge and one of the industry's hottest and most sought-after songwriter and producer; the acquisition of DioGuardi's vast catalog of hits by such artists as Christina Aguilera, Jonas Brothers, and Celine Dion; an equity stake and partnership agreement with Arthouse Entertainment; the acquisition of music production leader Selectracks; and the acquisition of Iggy Pop's catalog.
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