New $304 Million Bond Backed by Music Rights for The Who, Tim McGraw

Bond sale is led by Guggenheim, expected to be rated A
Proliferation of streaming may help bond performance: Kroll

The Who perform on the BBC in London, 1966.Photographer: Ivan Keeman/Redferns/Getty Images

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Adam Tempkin

December 14, 2021 at 9:16 PM UTC

This article is for subscribers only.

Bond investors will soon be able to buy a piece of the music catalogs of a wide range of pop, country and classic rock acts including The Who and Tim McGraw.

Private equity and credit firm Northleaf Capital is selling $303.8 million of asset-backed securities supported by publishing and sound recording rights, as well as other income streams on a total of 52,729 songs, according to a presale report from Kroll Bond Rating Agency. The offering is being led by Guggenheim Securities, and Kroll expects to give the deal a grade of A, the sixth-highest rating.