Since the inception of Primary Wave early in 2006, the debt and equity holders have fully supported the management team’s vision regarding the acquisition of catalogs, new co-publishing deals and general expansion plans to build Primary Wave as the leading marketer and owner of iconic and pop culture relevant copyrights.
New York, NY (PRWEB) September 30, 2010
PRIMARY WAVE MUSIC PUBLISHING, one of the largest independent contemporary music publishers in the United States announced today they have completed a $180 million recapitalization of the company’s balance sheet and expanded its existing senior facilities with its lenders with an eye toward future acquisitions and market share expansion.
Primary Wave is known for unique and aggressive marketing of its new and iconic copyrights including the songs of Kurt Cobain, Steven Tyler, John Lennon, Def Leppard, Hall & Oates, Chicago, Steve Earle, Maurice White, Steven Curtis Chapman, Katrina and the Waves, amongst others. The Company eliminated $80 million of higher interest subordinated debt through the use of existing balance sheet cash and conversion of certain debt to equity. Primary Wave significantly expanded its existing low interest senior facility with its lenders Credit Suisse and Sun Trust Bank.
Since its inception in January of 2006, in addition to its legendary and iconic songs, Primary Wave has had over 50 charting singles including 12 top 5 charting hits and 15 top 10 charting hits, from artists and writers such as The Airborne Toxic Event, Blue October, Shwayze, Saving Abel, Anberlin, New Boyz, Taddy Porter, Shy Carter among many others and currently has a share of the # 10 country hit “Stuck Like Glue” by Sugarland (Shy Carter), the #5 alternative hit “Impossible” by Anberlin and the #6 Rhythmic hit “Break My Bank” by New Boyz.
Joe Bencivenga, independent board member said, “Since the inception of Primary Wave early in 2006, the debt and equity holders have fully supported the management team’s vision regarding the acquisition of catalogs, new co-publishing deals and general expansion plans to build Primary Wave as the leading marketer and owner of iconic and pop culture relevant copyrights.”
“Our partners see the real value that has been created and are fully committed to help the company continue to execute on its long term expansions plans. With the streamlining of its capital structure and the facility increase, the management team will continue to focus energies on bringing marketing and revenue opportunities to its partner artists and continue to bring other iconic and new artists into the family,” said Larry Mestel, CEO, Primary Wave. "We have been very fortunate from the start to have partners who have supported our vision of building the first marketing and branding team focused on the music publishing business and who have put trust in our team to build a new model for music publishing and the music industry in general,” he added.
About Primary Wave Music Publishing
Primary Wave is one of the largest music publishers and music marketers in the United States. It is a global music company that markets its unique repertoire, which includes an interest in the Beatles songs written by John Lennon, the catalogs of Kurt Cobain/Nirvana, Steven Tyler/Aerosmith, Daryl Hall & John Oates, Robert Lamm, Jimmy Pankow, and Lee Loughnane of the band Chicago, Maurice White (Earth, Wind & Fire), Steve Earle, Lamont Dozier, Daniel Johnston, Steven Curtis Chapman, Holly Knight, Sara and Janna Allen, Justin Furstenfeld/Blue October, Six Degrees, Marvin Hamlisch, The Matrix music production team, Tennessee Ernie Ford and approximately 3,000 titles from a major film music publishing catalog as well as a 50% interest in the original music company Think Music, a joint venture with Pulse Music. In addition, Primary Wave has co-publishing deals with The Airborne Toxic Event, Anberlin, Saving Abel, Shwayze, Albert Hammond Jr, New Boyz, John Forte, The Boxer Rebellion, Matt Serletic and Emblem Music Group, Saxon Shore, Steve Morales, Taddy Porter, Patrick Davy, The HitterZz, L.P., The Constellations, Brent James, Barrett Yeretsian and Delfina as well as marketing and administration agreements with Def Leppard, Graham Parker, Katrina and The Waves, Reveille, Valley Lodge, Evolution Entertainment/Twisted Pictures, QED, Team Baby Entertainment, Andy Razaf, Reggie Watts, Ray J and Gregg Allman. Primary Wave is based in New York with offices in Los Angeles and Austin, Texas. For more information, visit http://www.primarywavemusic.com