Concord Prices $1.8 Billion Asset-Backed Offering

New Funding

CONCORD announced it has priced $1.8 Billion of senior notes, the largest asset-backed securitization offering of music rights in the industry to date in terms of size and number of assets, secured by a large portion of its catalogue of sound recordings and songs. Proceeds from the issuance, structured by APOLLO’s CAPITAL SOLUTIONS business, will be reinvested to support CONCORD’s continued growth in 2023 and beyond.

CONCORD VP BOB VALENTINE said, “CONCORD has reached a new milestone in its own evolution and for the broader global industry in pricing the largest music ABS transaction in history. I’m proud to help lead a company partnered with the astonishing depth and breadth of artistic talent that the works financed by this securitization represent.  I’m also extraordinarily thankful that a significant number of blue-chip financial institutions have taken note of our success to date and chosen to participate in our future. As we continue to better position CONCORD as a bellwether in the industry, our focus remains the same: to elevate the voices of artists and musicians using the global, independent platform that we have been assembling for years. We are grateful to our financing partners at APOLLO and JP MORGAN who helped us develop a long-term capital solution that reflects the strength of the portfolio we have built to date and further validates our active management strategy.”

APOLLO Partner and Head of Asset-Backed Finance BRET LEAS said, “CONCORD’s experienced management team continues to build a world-renowned catalogue of assets with diversification and cash flow characteristics well suited for asset-based lending. We are pleased to provide a tailored, flexible structured solution that supports their continued growth.”

APOLLO CAPITAL SOLUTIONS’ PAUL SIPIO said, “This transaction leverages the scale of our investment platform alongside our growing CAPITAL SOLUTIONS business to originate, anchor and syndicate a comprehensive financing solution. Having known the CONCORD Board and management team for many years, we are pleased to support their future success.”

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