KBRA Assigns Ratings to DCP Rights LLC, Series 2019-1 and Withdraws Ratings on DCP Rights LLC, Series 2014-1
NEW YORK--(BUSINESS WIRE)--Dec 20, 2019--
Kroll Bond Rating Agency (KBRA) assigns ratings to the two classes of Notes issued by DCP Rights LLC, Series 2019-1. At the same time, KBRA is withdrawing the ratings on DCP Rights LLC, Series 2014-1 as the notes have been paid down in full.
This transaction is Dick Clark Productions, LLC’s (“DCP” or the “Company”) second securitization. The transaction consists of two senior notes, the $30 million Class A-1 Variable Funding Notes, and the $500 million Class A-2 notes. The securitization has a 30-year legal final maturity and a four year anticipated repayment date (“ARD”). The proceeds will be used to prepay the DCP Rights, LLC, Series 2014-1 in full and prepay a loan to Valence Media, LLC. The transaction is secured by the transfer of DCP’s interests in intellectual property rights, broadcast agreements and sponsorship agreements relating to the Company’s most recognizable television broadcasts (the “Core Programs”) to a bankruptcy-remote special purpose vehicle (“SPV”) as collateral for the offered notes. The DCP Rights, LLC (“DCP Rights” or the “Issuer”) transaction has some elements of a whole business securitization (“WBS”). However, unlike a WBS, not all of the operating assets of DCP will be transferred to the Issuer.
The collateral consists of all the existing and future fees and revenue generated from the Company’s production of the Core Programs. In addition, all fees and revenue generated from the production of any new broadcast (“New Program” and together with Core Programs, the “Programs”) produced by the Company that uses any of the intellectual property associated with a Core Program shall also serve as collateral for the offered notes.
The Core Programs are anticipated to include: (1) Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest (“NYRE”), (2) American Music Awards (“AMAs”), (3) Academy of Country Music Awards (“ACMAs”), (4) Golden Globe Awards (“GG”) and (5) Billboard Music Awards (“BBMAs”). For the 2019 fiscal year, the Core Programs are forecasted to represent approximately 87% of the Company’s revenues.
Series 2014-1, Class A
Series 2014-1, Class B
Series 2019-1, Class A-1 VFN
Series 2019-1, Class A-2
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com )
CONNECT WITH KBRA
About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191220005586/en/
CONTACT: Analytical Contacts:
John Lampasona, Director
email@example.comRosemary Kelley, Senior Managing Director
firstname.lastname@example.orgLenny Giltman, Senior Managing Director
email@example.comShalin Rajpara, Senior Analyst
firstname.lastname@example.orgBusiness Development Contact:
Ted Burbage, Managing Director
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: Kroll Bond Rating Agency
Copyright Business Wire 2019.
PUB: 12/20/2019 06:38 PM/DISC: 12/20/2019 06:38 PM