Apollo Global Management Inc. is selling a $1.65 billion bond backed by Phil Collins and R.E.M. songs in Concord Music Royalties’ first securitization, according to people with knowledge of the matter.
The private equity firm is leading the bond sale and has already secured an anchor order for a large chunk of the debt, said the people, who asked not to be identified as the transaction is private. The deal repackages royalty payments -- both publishing and sound recording rights -- from a catalog of music by several singers and songwriters.
