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Ross CH Acquisition II is bringing $115 million to Reservoir’s public offering as part of the deal. Some institutional investors including Caledonia have been lined up as anchor shareholders, which will bring in $150 million in gross proceeds. In the end, after investment banking, legal fees and other expenses, Reservoir will be left with $246 million in gross proceeds from the transaction. The company’s current shareholders, including the Khosrowshahi family, will roll over all their Reservoir equity into the new company, giving it an enterprise value of $788 million. That means that the Reservoir shareholders will likely have a lock-up period maybe 180 days before they can cash in any of their shares. In the meantime, the company has an implied pro-forma equity value of $740 million at $10 a share, according to the announcement, which further implies it also has $48 million in net debt. ....
Alter Kendrick & Baron Despite major blows to touring and live performances, “business is booming” for Alter, a prolific dealmaker in the music publishing space. “We are in a golden era of music transaction, and I think that’s going to continue,” says Alter. This year she advised Reservoir Media Management in its acquisition of 16,000 copyrights from music publisher Shapiro Bernstein, as well as Primary Wave Music Publishing in its acquisition of various interests of the catalogs of Whitney Houston, Air Supply and Sublime. This year I’m thankful for: Having an amazing team in our office. The majority of them happen to be women who despite everything that each of us has been handling and juggling in our personal lives, from literal newborns to college kids to grown children to parents to pets still have been super, super professional and pulling together as a team. ....