Kobalt Music Group, the world's leading independent music publishing company powered by innovative technology, announced the execution of its inaugural $266.5 million Asset-Backed Securitization (“Term ABS”) transaction, comprising more than 5,000+ musical works from 66 writers across more than 50 catalogs, and a new $450 million Revolving Credit Facility (“RFC”).
Together with the Company's previously announced joint venture with Morgan Stanley, these transactions provide Kobalt with more than $1 billion to continue to grow and execute on its strategic initiatives.
ATLAS SP Partners was the sole structuring agent and joint bookrunner with Truist Securities (“Truist”) on the Term ABS. The RFC was led by Truist to fully refinance existing indebtedness.
“This refinancing will fuel our growth initiatives and allow us to further fortify our position as an industry trailblazer. Along with the Francisco Partners transaction and Morgan Stanley joint venture, these transactions enable us to continue our investment into the business and our technology with far greater flexibility, simultaneously strengthening the best-in-class service we deliver to our songwriters and partners,” said Kobalt CFO Catrin Drabble.
“Thanks to all of our partners for facilitating these transactions, recognizing the value of the portfolio and supporting Kobalt's future vision.”
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