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Reservoir Plans Up to $100 Million Offering to Cover Acquisitions, Pay Down Debt, and More

May 1, 2024
in Entertainment
Reservoir Plans Up to $100 Million Offering to Cover Acquisitions, Pay Down Debt, and More
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Reservoir Media (NASDAQ: RSVR) is officially plotting an up to $100 million offering designed to bankroll further acquisitions, pay down debt, and more.

New York City-based Reservoir just recently disclosed the $100 million offering plans in an all-encompassing SEC filing. As spelled out at the lengthy S-3’s beginning, the company can “from time to time” sell combinations of common or preferred stock, warrants, debt securities, and much more.

Also as described by the document, the Kings of Leon-partnered company can utilize the proceeds of any securities sold to cover general corporate purposes. Said purposes include the mentioned acquisitions and debt payments besides buying back shares as well as covering capital expenditures and working capital.

Beyond this overview, Reservoir doesn’t appear to have made additional information available about its plans for the tranche. But it’s worth reiterating that the business has scooped up all manner of catalogs over the years and underscored plans for further IP buyouts in its latest earnings report and call.

“With respect to our pipeline of opportunities,” relayed Reservoir founder and CEO Golnar Khosrowshahi, “we are actively evaluating multiple potential deals that will support our growth aspirations. Our pipeline sits roughly at $2 billion in total value for prospective deals, which I’d like to note does not include off-market opportunities that also remain strong.”

In the same report, covering the final three months of 2023 (the third fiscal quarter), Reservoir identified $35.5 million in revenue (up 19 percent year over year), fueled in part by a 32 percent recorded music spike.

Meanwhile, the company, about 7.3 percent of which now belongs to activist investor Irenic Capital Management, pinpointed a $2.9 million net loss (down from $4.1 million during the prior-year quarter). When 2023 wrapped, Reservoir had nearly $122 million in liquidity and debt of $342.5 million, per the financials.

Bigger picture, Reservoir’s $100 million offering announcement has arrived as more than a few players are continuing to make high-profile catalog moves notwithstanding economic uncertainty, reflecting what could be an ongoing comeback for 2024.

March and April alone have delivered IP agreements between Iconic Artists Group and Roxy Music’s Bryan Ferry, Iconoclast and the Tony Bennett estate (including name and likeness rights), BMG and Dr. Alban, Pophouse Entertainment and KISS (extending to NIL, trademarks, and more), and Primary Wave and Crowded House founding member Neil Finn as well as Neil Sedaka.

The latter pact encompasses the veteran act’s publishing and masters, with Primary Wave possibly becoming involved in name and likeness branding deals down the line.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : DigitalMusicNews – https://www.digitalmusicnews.com/2024/04/30/reservoir-offering-april-2024/

Tags: entertainmentPlansReservoir
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