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Bank of America Leads Expansion of Alliance Entertainment’s Line of Credit to $225MM

August 05, 2022, 07:40 AM
Filed Under: Media & Entertainment

Alliance Entertainment Holding Corporation, a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, and collectibles, announced the June 30, 2022, expansion for their line of credit to $225,000,000 from $175,000,000.

The asset-based loan is led by Bank of America with syndication partners including Fifth Third Bank and Bank of Montreal. Alliance has been with the trio of banks since February of 2017. The line of credit is used to finance operations supporting Accounts Receivable and Inventory purchases.

“The support of our bank group over the last five years has helped Alliance to grow rapidly”, said Bruce Ogilvie, Chairman of Alliance Entertainment. “We truly value their partnership to help us expand organically and through acquisitions.”

“Bank of America is pleased to provide Alliance Entertainment with a flexible structure that will enable them to expand their business,” said Steve King, Sr. Vice President at Bank of America. “We look forward to continuing our relationship and supporting their growth goals by helping them extend the range of their capabilities, products and service offerings.”

On June 23, 2022, Alliance Entertainment announced that it will become publicly listed through a merger transaction with Adara Acquisition Corp. (NYSE: ADRA, ADRA.U, ADRA.WS) (“Adara”), a publicly traded special purpose acquisition company. The transaction is expected to close in the fourth quarter of 2022, at which point the combined company’s common stock is expected to trade on the NYSE American under the ticker symbol “AENT”.

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