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Concord launches $678 million term loan at Libor plus 300 bps
By Sara Rosenberg
New York, Feb. 25 – Concord (Alchemy Copyrights LLC) held a lender call at 2 p.m. ET on Thursday to launch a $678 million seven-year first-lien term loan that is talked at Libor plus 300 basis points with a 0.5% Libor floor and an original issue discount of 99.875 to par, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
J.P. Morgan Securities LLC is the lead bank on the deal.
Commitments are due at 5 p.m. ET on March 4, the source added.
Proceeds will be used to reprice/refinance an existing term loan due August 2027 that is priced at Libor plus 325 bps with a 0.75% Libor floor.
Concord is a Nashville-based music content provider.
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