Daily News: April 8, 2014

NewStar Provides $10MM to Refinance Alfred Publishing Debt

NewStar Business Credit announced it provided credit facilities totaling $10 million to Alfred Publishing that consist of a secured revolving line of credit and term loan.

Proceeds 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, a SVP in the company’s San Francisco office, originated the deal and orchestrated the transaction for NewStar.

Founded in 1922 and headquartered in Los Angeles, Alfred Publishing is the world’s largest publisher of educational music products with more than 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.