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Leading international law firm Herbert Smith Freehills has advised MusicBird AG, as parent guarantor, and MusicBird Rights AG, as borrower, in connection with a US$100 million borrowing base New York law governed term facility agreement.
The facility is secured by the assets, including IP and music rights, of MusicBird Rights AG, which included at closing the catalogues of JR Rotem, NONONO and Shaggy. MUFG Bank, Ltd. acted as Lender and Administrative Agent.
Founded in 2020, MusicBird is a private capital funded Swiss-based group that invests in world class music copyrights. The facility is MusicBird's initial debt financing and will enable MusicBird to continue to acquire music catalogues and generate value for its shareholders.
The Herbert Smith Freehills team was led by finance partner Gabrielle Wong, supported by senior associate Chelsea Fish, associate Will Beynon and law clerk Winter Tao.
Homburger advised on Swiss aspects of the transaction.
Gabrielle Wong said:
"We are pleased to have supported on this deal. It is further demonstration of our deep knowledge and expertise in financing transactions involving music and royalties as an asset class."
Paul Brown, CEO, MusicBird:
“Gabrielle, Chelsea and their team did a fantastic job on a complex transaction. They provided incisive, supportive and commercial advice throughout the deal process and we are very pleased to retain them as advisors as we grow MusicBird.”