SFX Entertainment Inc (NASDAQ: SFXE), a New York-based producer of live events and digital entertainment content, recently secured US$20 million in financing. A subsequent filing with the U.S. Securities and Exchange Commission said the investor is Catalyst Fund LP V, the fifth distressed-for-control fund of Canadian private equity firm Catalyst Capital Group. The funding is a credit facility that will be used by SFX for working and general corporate purposes. Founded in 2011, SFX operates a group of business brands focused on electronic music culture and festivals held around the world. Catalyst’s Fund V raised $2 billion in a final close last October.
SFX Entertainment Closes $20 Million Financing
NEW YORK, Jan. 15, 2016 (GLOBE NEWSWIRE) — SFX Entertainment, Inc. (NASDAQ:SFXE) (the “Company”) announced that it has secured $20 million in new financing for itself and certain of its operating subsidiaries, obtaining capital for its working and general corporate purposes.
Additional details of the above noted transaction will be available in a Form 8-K that the Company will file with the U.S. Securities and Exchange Commission in the next few days.
About SFX Entertainment
SFX Entertainment, Inc. (NASDAQ:SFXE) is the largest global producer of live events and digital entertainment content focused exclusively on electronic music culture (EMC) and other world-class festivals. SFX’s mission is to provide electronic music fans with the best possible live experiences, music discovery, media and digital connectivity. SFX was borne out of the technology revolution and produces and promotes a growing portfolio of live events that includes leading brands such as Tomorrowland, TomorrowWorld, Mysteryland, Sensation, Stereosonic, Electric Zoo, Disco Donnie Presents, Life in Color, Rock in Rio, Nature One, Mayday, Decibel, Q-Dance, Awakenings, and React Presents, as well as the innovative ticketing services Flavorus and Paylogic. SFX also owns and operates Beatport, the trusted global home of electronic music where fans, DJs, and creators connect, discover, and participate in the evolution of dance music culture.
This press release contains forward-looking statements regarding our business strategy and plans, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: our ability to integrate the companies we have acquired; our belief that the EMC community will grow; our ability to increase the number of festivals and events we produce and their attendance; our ability to pay our debts and meet our liquidity needs; competition; our ability to manage growth and geographically dispersed operations; and our ability to grow our online properties. We refer you to the documents we file from time to time with the U.S. Securities and Exchange Commission, specifically the section titled “Item 1A. Risk Factors” of our most recent Annual Report filed on Form 10-K and Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. In addition, any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events, except as required by law.
Investor Relations Contacts:
Chief Financial Officer & Chief Administrative Officer
646 561 6400
Jennifer E. Mercer
Epiq Strategic Communications
310 712 6215
DKC Public Relations
Ed Tagliaferri 212 981 5182
Photo courtesy of SFX Entertainment Inc