Concord has completed a landmark $1.765 billion asset-backed securitization (ABS), issuing senior notes backed by its expansive music catalog in five-, seven-, and 10-year tranches. Structured by Apollo, the transaction represents the longest-dated ABS in the music industry to date, underscoring the growing institutional appetite for music royalties as a stable, long-duration asset class. 

The offering is secured by 1.3 million copyrights spanning contemporary superstars such as Taylor Swift, Beyoncé, Rihanna, and Bruno Mars, alongside legacy acts like The Beatles, Pink Floyd, Michael Jackson, Rodgers & Hammerstein, R.E.M., and The Rolling Stones. The deal received strong ratings, with Moody’s assigning an A2 and KBRA an A+ to the tranches, reflecting the credit strength and durability of the income-generating catalog. 

Proceeds will be used to refinance Concord’s $1.65 billion existing note series and a $100 million variable funding note. The offering saw over three times subscription demand, confirming robust institutional confidence in music rights as collateral. The long-dated 10-year tranche, in particular, highlights growing investor comfort with securitizing intellectual property for longer horizons. 

“ABS transactions like the one we just closed will remain a vital part of our growth strategy, allowing us to continue to lower our cost of capital while expanding our global capabilities in support of the artists and songwriters we serve,” said Bob Valentine, CEO of Concord. “ABS transactions like this are a critical component of our capital strategy.” 

Apollo Partner Michael Paniwozik lauded the innovation behind the deal, noting its importance in establishing new benchmarks for music ABS duration and investor engagement. 

Concord, based in Nashville, supports more than 125,000 artists and songwriters worldwide, with holdings that span music, film, and theater, positioning the company as a major player in the intellectual property rights ecosystem. 

The financing was led by Apollo Global Securities and ATLAS SP Securities as joint bookrunners. The Bank of New York Mellon served as trustee, and Redding Ridge Asset Management acted as structuring agent. DLA Piper represented Concord, while Milbank LLP advised Apollo affiliates. Longstanding investor Great Mountain Partners, a backer of Concord since 2006, continues to support the firm’s strategic trajectory.