Greenberg Traurig Represents Apollo Global Management in Largest Asset-Backed Securitization of Music Rights to Date

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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.

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.

About Greenberg Traurig’s Entertainment & Media Practice: With offices situated in the centers of the entertainment industry, Greenberg Traurig has established an experienced, international multidisciplinary entertainment and media practice. The Greenberg Traurig Entertainment & Media Practice focuses on the music, motion picture, television, sports, internet, digital media, publishing, and theater industries. The team has access to key players in the entertainment industry and provides clients with dedicated legal counsel needed to thrive in today’s multidiscipline, multimedia entertainment marketplace. Its entertainment and media attorneys have consistently been ranked by The Hollywood Reporter’s “Power Lawyers,” Variety’s “Dealmakers Impact Report” and “Legal Impact Report,” Billboard’s “Power Lawyers,” The Best Lawyers in America, Chambers USA Guide and Super Lawyers.

About Greenberg Traurig: Greenberg Traurig, LLP has more than 2500 attorneys in 43 locations in the United States, Europe, Latin America, Asia, and the Middle East. The firm reported gross revenue of over $2 Billion for FY 2021 and is consistently among the top firms on the Am Law 100, Am Law Global 100, and NLJ 250. On the debut 2022 Law360 Pulse Leaderboard, it is a Top 15 firm. Greenberg Traurig is Mansfield Rule 5.0 Certified Plus by The Diversity Lab and the Center for Resource Solutions Green-e® Energy program certifies that the firm’s U.S. offices are 100% powered by renewable energy. The firm is often recognized for its focus on philanthropic giving, innovation, diversity, and pro bono. Web: http://www.gtlaw.com.

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