Round Hill Music Royalty Fund Ltd. has purchased 77.64% of the pipeline music publishing assets it targeted when it announced plans to go public last year. It says it will buy the remaining 22.36% of the targeted acquisition by March 31.(Billboard)
While the company initially hoped to raise $375 million through the equity offering it announced in October and completed in December through two rounds of selling shares, it fell short of its goal, raising $328.1 million.
But the fund's incorporation also allows it to use debt to complete the acquisition of the pipeline catalog -- the Round Hill Music Royalty Fund I, a portfolio of music publishing assets privately-owned by a commingled fund comprised of institutional investors. That portfolio is valued at $363 million.
The company also announced that it had reached an agreement with Truist Securities to lead a loan syndication for a revolving credit facility, which it anticipates will be used to finance part of the second step to wrap the pipeline acquisition in the next two months.
