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Concord Raising Additional $850M Through Asset-Backed Security

Concord is raising $850 million through an existing asset-backed security. The catalog includes songs by Creed, Carrie Underwood, Genesis and more.

Concord is raising $850 million through an existing asset-backed security (ABS), according to a new report by Kroll Bond Rating Agency (KBRA). The proceeds will be used to acquire approximately $217 million of assets that will be contributed to the ABS’s collateral pool, according to the Tuesday (Oct. 8) report. “We’ve very much liked the capital structure [of an ABS] that allowed us to relatively easily draw new debt for new acquisitions,” Concord CFO Kent Hoskins told Billboard earlier this year.

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