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Concord Taps Bond Market With $1.65 Billion Asset-Backed Security

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Independent music company Concord is the latest to tap into a growing market for music royalty-backed securities with a $1.65 billion asset-backed security.

Among the offering’s sound recordings, Concord Music Group administers a majority and Universal Music Group distributes a majority. Concord Music Publishing administers most of the music publishing rights and ICE, ASCAP and BMI are the collective management organizations for most of the publishing rights.

Series 2022-1 contains two components: Class A-1 VFN, with a principal balance of $150 million and an anticipated repayment date of January 2026; and Class A-2, with a principal balance of $1.5 billion and an anticipated repayment date of January 2029. Class A-1 VFN will have a variable interest rate — the secured overnight financing rate plus a margin — and Class A-2 will have a fixed interest rate. The notes will pay interest quarterly.

Concord’s offering is the largest of the music royalty-backed offerings rated by KBRA in the last 12 months. KKR’s

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