City National Bank led a syndicate of 12 U.S. and Canadian lenders that provided a $500 million credit facility to music rights management company ole Digital. Toronto-based ole will use the facility to fund future acquisitions.

The transaction, originally launched as a $400 million facility, generated strong demand from both new and existing lenders, and as a result was increased to $500 million, making it the largest credit facility in independent music publishing industry in recent years.

“We believe the overwhelming demand for the facility speaks volumes to ole’s track record of execution and success, and we look forward to finding new opportunities to continue to scale in existing and complementary verticals as well as to further enhance our technology and data management assets,” said ole Chairman and CEO Robert Ott.

Now in its 12th year, ole has completed more than $520 million in acquisitions and controls more than 50,000 songs and 60,000 hours of TV/film music across all genres.

“We’ve been supporting the entertainment industry for over 60 years and we see great potential in ole, which has earned a premier reputation not only in the music industry, but in film and television as well,” said City National Chairman and CEO Russell Goldsmith.

With $42.8 billion in assets, Los Angeles-based City National Bank, a subsidiary of Royal Canadian Bank, provides banking, investment and trust services through 74 offices.