August 4, 2022
Home entertainment distributor Alliance Entertainment Holding Corporation Aug. 4 announced the expansion of its line of credit to $225 million from $175 million. The Sunrise, Fla.-based distributor and wholesaler of music CDs, DVD and Blu-ray Disc movies, video games, electronics, arcades, and collectibles, secured the asset-based loan from 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”, Chairman Bruce Ogilvie said in a statement. “We truly value their partnership to help us expand organically and through acquisitions.”
On June 23, 2022, Alliance Entertainment announced that it would become publicly listed through a merger transaction with Adara Acquisition Corp., 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”.