NewStar Business Credit announced today that it has provided credit facilities totaling $10 million to Alfred Publishing Co., Inc.. Founded in 1922 and headquartered in Los Angeles, the company is the world's largest publisher of educational music products with over 184,000 print and digital products sold at over 10,000 retailers worldwide. Alfred Music produces educational, reference, pop, and performance materials for musicians spanning all musical styles, instruments and skill levels.
The credit facilities consist of a secured revolving line of credit and term loan. The proceeds of the financing will be used to refinance existing debt and provide ongoing working capital to support the company’s growth.
“We are pleased to be working with NewStar Business Credit as our ABL financing partner. We were impressed with their ability to understand the complexity of our business and to recognize what we needed in order to pursue new opportunities. NewStar was both creative and responsive. They delivered a deal structure that works well for our entire worldwide group of businesses and we look forward to working with them,” said Steven Raft, CFO of Alfred Music.
“As the worldwide leader in educational music since 1922, Alfred Music sets the standard in the music industry. We are proud to play a role in helping the world experience the joy of making music through our support of the company’s financing needs and we look forward to a lasting partnership,” added Milton Iskra, National Marketing Manager. NewStar’s Lisa Adams, an SVP located in the company’s San Francisco office, originated the deal and orchestrated the transaction for NewStar.
NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle market companies with credit requirements between $5 million and $25 million. Deal structures are flexible and tailored to meet each client’s unique needs. Funds can be used for a wide range of purposes, including strategic acquisitions, management buyouts, recapitalizations and refinancings, as well as, to support internal growth strategies.
See also: Crystal Financial, Crystal SBIC Provide $20MM Facility to Alfred Music Publishing. March 24, 2014.