Reservoir Media increases revolver to $350 million, adjusts covenants

By Wendy Van Sickle

Columbus, Ohio, Dec. 7 – Reservoir Holdings, Inc. wholly owned subsidiary Reservoir Media Management, Inc. amended its existing senior secured revolving credit facility on Tuesday to increase the facility size to $350 million from $248.75 million, according to an 8-K filing with the Securities and Exchange Commission.

The total leverage ratio covenants was modified to a total leverage ratio, net of up to $20 million, of no greater than 7.5 times. Also, the senior debt to library value ratio finance covenant was modified to 0.475, subject to some exceptions.

Truist Bank is the administrative agent.

The music company is based in New York.

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