Global law firm Greenberg Traurig, LLP advised a division of Apollo Global Management (NYSE: APO) (Apollo), in what is billed as the largest-ever asset-backed securitization (ABS) offering of music rights. The Greenberg Traurig team was led by Shareholder Charles J. "Jeff" Biederman and included Associates Monica W. Zhang and Alexis Frese.
Apollo’s Capital Solutions business structured a $1.8 billion offering of senior notes to independent music publishing and licensing company Concord. The offering is secured by a diversified catalog of more than one million music compositions and recording assets from well-known artists including Phil Collins, Creedence Clearwater Revival, R.E.M., Daft Punk, Miles Davis, Imagine Dragons, Pink Floyd, Cyndi Lauper, Little Richard, and James Taylor, among others. Apollo Capital Solutions also arranged the investor syndicate with several Apollo funds taking a leading role. The concept of music-backed securitization was popularized in 1997 with the $55 million asset-backed securitization of David Bowie’s music catalog, commonly known as “Bowie Bonds.” This transaction reflects the growing interest from financial companies in music royalties as a long-term asset class as the music industry experiences a period of expansion.
Biederman is a versatile entertainment attorney based in the firm’s Los Angeles office. He regularly advises clients in the music, film, television, branding, fashion, advertising, and digital media spheres. Biederman has worked on more than $2 billion in aggregate music catalog deals in recent years, and his clients include recording artists, producers, composers, managers, and executives in the music industry. He has previously been recognized in Variety magazine’s Legal Impact Report and Billboard magazine’s Top Music Lawyers list.
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