Milbank LLP advised Apollo Global Securities (“Apollo”) and ATLAS SP Securities, as joint bookrunners, and Apollo affiliate Redding Ridge, as structuring agent, in connection with Chord Music Partners’ (“Chord”) $500 million asset-backed securitization (ABS). Chord is a leading global music investment platform managed by Dundee Partners in partnership with Universal Music Group, the world leader in music-based entertainment.
Chord announced the pricing of its Series 2026-1 senior notes (the “Notes”), which is secured by a diversified portfolio of music publishing and recorded music rights across artists, genres and release periods.
The Notes are expected to be issued by Canon Music Issuer Trust, which is intended to serve as Chord’s long-term financing vehicle, and priced at a yield of 5.560% and a spread of 160 basis points, marking the tightest-ever pricing for a music royalty ABS to date.
The Milbank team was led by Structured Credit partner and global practice group leader Sean M. Solis, along with special counsel Tony Mechcatie, associate Konstantina Katsimeni and law clerk Alissa Masini.
“We are honored to have had the opportunity to collaborate with our clients on this ABS supporting Chord’s expansion through its music portfolio, and this deal highlights the continued progression of music royalty securitizations,” said Mr. Solis. The deal further underscores Milbank’s place leading on some of the most notable securitizations, including within the music industry, with a track record that includes advising on a series of over $2.6 billion in securitizations for music company Concord.
