Concord Closes On $850 Mil In Sr. Notes

• Concord, the world’s leading independent music company, has successfully closed a new series of $850 million in senior notes backed by a diverse catalog of music assets valued at more than $5 billion. The notes will be secured by music royalties from a pool of catalogs containing over one million songs, including iconic works recorded by The Beatles, Carrie Underwood, Cheap Trick, Creed, Genesis, KISS, Mike + The Mechanics, Otis Redding, Phil Collins, Plain White T’s, R.E.M., REO Speedwagon, and The Rolling Stones.

This marks Concord’s third securitization offering and is cross-collateralized with the notes offered in 2022, which, taken together, now make up the largest music-backed asset-backed securitization to date. These issuances underscore Concord’s ongoing effort to strategically grow and monetize its music assets and position the company as a consequential force in the music industry.

Apollo, through its Capital Solutions business, Apollo Global Securities, LLC, and together with its affiliate Redding Ridge Asset Management, structured the asset-backed securitization (ABS) and led an investor syndicate for the transaction.

“This transaction represents another significant milestone for Concord and the global music industry as we close our third music ABS offering, continuing our strategic efforts to elevate and support the artists and writers in our catalog,” said Bob Valentine, CEO of Concord. “We are proud to manage a catalog with such a remarkable depth of artistic talent and cultural importance. We are grateful to our financing partners, Apollo and ATLAS SP, for helping us create a long-term capital structure that supports our growth and strengthens the financial foundation that allows us to keep investing in the music industry. As we grow to new heights, our focus continues to be squarely on our artists and the incredible art they create.”