Transaction Features First of its Kind 10-Year Tranche, Demonstrating Continued Innovation in Music Securitization

NASHVILLE AND NEW YORK – July 22, 2025 – Concord, the world’s leading independent music company, has successfully issued $1.765 billion in a series of new five-year, seven-year, and ten-year senior notes. The ten-year tranche was privately placed and represents the longest duration ABS issuance at scale in the music sector. The notes are secured by Concord’s catalog of over 1.3 million music copyrights, featuring the songs and recordings of marquee artists such as The Beatles, Beyonce, Bruno Mars, Carrie Underwood, Creedence Clearwater Revival, Daddy Yankee, Ed Sheeran, Genesis, Imagine Dragons, John Fogerty, Kiss, Michael Jackson, Otis Redding, Phil Collins, Pink Floyd, R.E.M., Rihanna, Rodgers & Hammerstein, Taylor Swift, and The Rolling Stones. The latest issuance represents Concord’s fourth securitization offering and the largest and longest tenured asset-backed term securitization of music rights to date.

Concord’s securitization catalog is valued at more than $5.1 billion and the notes were rated A+ by KBRA and A2 by Moody’s. Apollo (NYSE: APO), through its Capital Solutions business and affiliates ATLAS SP Partners and Redding Ridge Asset Management, structured the ABS transaction and formed an investor syndicate led by Apollo-managed funds and affiliates. Proceeds from the issuance will be used to repay the company’s $1.65 billion 2022-1 note series and refinance and extend its $100 million variable funding note. The transaction was more than three times oversubscribed, reflecting robust investor demand underpinning Concord’s ABS strategy.

“As Concord continues to grow both our catalog and frontline roster, ensuring long-term access to institutional capital and continuing to build upon our strong financial foundation are crucial. ABS transactions like the one we just closed will remain a vital part of our growth strategy, allowing us to continue to lower our cost of capital while expanding our global capabilities in support of the artists and songwriters we serve,” said Bob Valentine, CEO of Concord. “I am incredibly grateful to the Apollo team, who continue to provide customized solutions so that Concord can live out its mission to elevate the voices of artists around the world.”

“We are pleased to structure and lead this landmark ABS transaction for Concord, which represents a continuation of our long-term financing partnership and demonstrates Concord’s innovative approach to music securitization through the issuance of the industry’s first 10-year tranche,” said Apollo Partner Michael Paniwozik. “We continue to be impressed by the quality and breadth of the actively managed catalog that Concord has built and look forward to supporting its journey for years to come.”

“It has been immensely rewarding to support Concord’s continued evolution leveraging the ABS structure that we established in 2022,” said Apollo Managing Director Paul Sipio. “Since that time, Bob and team have made tremendous progress advancing the company’s growth strategy through several additive acquisitions. We believe the four transactions that we’ve executed with Concord to date reflect the differentiated nature of Apollo’s integrated platform, bringing together combined capabilities of Apollo, ATLAS SP, and Redding Ridge to provide tailored structured solutions.”

Apollo Global Securities, LLC and ATLAS SP Securities acted as joint bookrunners for the transaction, Redding Ridge Asset Management served as structuring agent, with the Bank of New York Mellon acting as trustee. Virtu Global Advisors, LLC provided valuation services, while DLA Piper provided legal counsel for Concord and Milbank LLP for Apollo affiliates.

CONCORD is the world’s leading independent music company. The Company supports more than 125,000 artists and songwriters whose works are licensed, marketed, and performed globally. Concord’s growing catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals is one of the most impactful and culturally relevant collections of creative rights in history. Concord is headquartered in Nashville with offices in Los Angeles, New York, London, Berlin, Melbourne, and Miami.

Supporting Concord and its predecessor companies since 2006, GREAT MOUNTAIN PARTNERS (“GMP”) is a New Haven, CT based asset manager with more than $10BN AUM, founded by Alex Thomson and Jon Rotolo. GMP’s team are longtime investors in the media and entertainment industry with experience across music, film and TV, live events and other IP based assets. GMP brings a long-term and solutions-oriented mindset to partnering with institutional investors and portfolio company leadership.

Transaction Features First of its Kind 10-Year Tranche, Demonstrating Continued Innovation in Music Securitization

NASHVILLE AND NEW YORK – July 22, 2025 – Concord, the world’s leading independent music company, has successfully issued $1.765 billion in a series of new five-year, seven-year, and ten-year senior notes. The ten-year tranche was privately placed and represents the longest duration ABS issuance at scale in the music sector. The notes are secured by Concord’s catalog of over 1.3 million music copyrights, featuring the songs and recordings of marquee artists such as The Beatles, Beyonce, Bruno Mars, Carrie Underwood, Creedence Clearwater Revival, Daddy Yankee, Ed Sheeran, Genesis, Imagine Dragons, John Fogerty, Kiss, Michael Jackson, Otis Redding, Phil Collins, Pink Floyd, R.E.M., Rihanna, Rodgers & Hammerstein, Taylor Swift, and The Rolling Stones. The latest issuance represents Concord’s fourth securitization offering and the largest and longest tenured asset-backed term securitization of music rights to date.

Concord’s securitization catalog is valued at more than $5.1 billion and the notes were rated A+ by KBRA and A2 by Moody’s. Apollo (NYSE: APO), through its Capital Solutions business and affiliates ATLAS SP Partners and Redding Ridge Asset Management, structured the ABS transaction and formed an investor syndicate led by Apollo-managed funds and affiliates. Proceeds from the issuance will be used to repay the company’s $1.65 billion 2022-1 note series and refinance and extend its $100 million variable funding note. The transaction was more than three times oversubscribed, reflecting robust investor demand underpinning Concord’s ABS strategy.

“As Concord continues to grow both our catalog and frontline roster, ensuring long-term access to institutional capital and continuing to build upon our strong financial foundation are crucial. ABS transactions like the one we just closed will remain a vital part of our growth strategy, allowing us to continue to lower our cost of capital while expanding our global capabilities in support of the artists and songwriters we serve,” said Bob Valentine, CEO of Concord. “I am incredibly grateful to the Apollo team, who continue to provide customized solutions so that Concord can live out its mission to elevate the voices of artists around the world.”

“We are pleased to structure and lead this landmark ABS transaction for Concord, which represents a continuation of our long-term financing partnership and demonstrates Concord’s innovative approach to music securitization through the issuance of the industry’s first 10-year tranche,” said Apollo Partner Michael Paniwozik. “We continue to be impressed by the quality and breadth of the actively managed catalog that Concord has built and look forward to supporting its journey for years to come.”

“It has been immensely rewarding to support Concord’s continued evolution leveraging the ABS structure that we established in 2022,” said Apollo Managing Director Paul Sipio. “Since that time, Bob and team have made tremendous progress advancing the company’s growth strategy through several additive acquisitions. We believe the four transactions that we’ve executed with Concord to date reflect the differentiated nature of Apollo’s integrated platform, bringing together combined capabilities of Apollo, ATLAS SP, and Redding Ridge to provide tailored structured solutions.”

Apollo Global Securities, LLC and ATLAS SP Securities acted as joint bookrunners for the transaction, Redding Ridge Asset Management served as structuring agent, with the Bank of New York Mellon acting as trustee. Virtu Global Advisors, LLC provided valuation services, while DLA Piper provided legal counsel for Concord and Milbank LLP for Apollo affiliates.

CONCORD is the world’s leading independent music company. The Company supports more than 125,000 artists and songwriters whose works are licensed, marketed, and performed globally. Concord’s growing catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals is one of the most impactful and culturally relevant collections of creative rights in history. Concord is headquartered in Nashville with offices in Los Angeles, New York, London, Berlin, Melbourne, and Miami.

Supporting Concord and its predecessor companies since 2006, GREAT MOUNTAIN PARTNERS (“GMP”) is a New Haven, CT based asset manager with more than $10BN AUM, founded by Alex Thomson and Jon Rotolo. GMP’s team are longtime investors in the media and entertainment industry with experience across music, film and TV, live events and other IP based assets. GMP brings a long-term and solutions-oriented mindset to partnering with institutional investors and portfolio company leadership.

This Marks the Company’s Third Securitization Offering, Strengthening its Position in the Music Industry

NASHVILLE AND NEW YORK – October 28, 2024 – Concord, the world’s leading independent music company, has successfully closed a new series of $850 million in senior notes backed by a diverse catalog of music assets.  This marks Concord’s third securitization offering and is cross-collateralized with the notes offered in 2022, which, taken together, now make up the largest music-backed asset-backed securitization to date. These issuances underscore Concord’s ongoing effort to strategically grow and monetize its music assets and position the company as a consequential force in the music industry. The notes will be secured by music royalties from a pool of catalogs containing over one million songs, including iconic works recorded by The Beatles, Carrie Underwood, Cheap Trick, Creed, Genesis, Kiss, Mike + The Mechanics, Otis Redding, Phil Collins, Plain White T’s, R.E.M., R.E.O. Speedwagon, and The Rolling Stones.

Apollo (NYSE: APO), through its Capital Solutions business, Apollo Global Securities, LLC, and together with its affiliate Redding Ridge Asset Management, structured the asset-backed securitization (ABS) and led an investor syndicate for the transaction.  ATLAS SP Securities, a division of Apollo Global Securities, LLC, acted as a joint bookrunner for the transaction.  Proceeds from the issuance will be used to retire the private 2023-1 note issuance, fund additional acquisitions, and support Concord’s continued growth.

“This transaction represents another significant milestone for Concord and the global music industry as we close our third music ABS offering, continuing our strategic efforts to elevate and support the artists and writers in our catalog,” said Bob Valentine, CEO of Concord. “We are proud to manage a catalog with such a remarkable depth of artistic talent and cultural importance. We are grateful to our financing partners, Apollo and ATLAS SP, for helping us create a long-term capital structure that supports our growth and strengthens the financial foundation that allows us to keep investing in the music industry. As we grow to new heights, our focus continues to be squarely on our artists and the incredible art they create.”

The catalog is valued at more than $5 billion, resulting in an approximate 52% loan-to-value ratio for the offering, and the notes are rated A+ by KBRA and A2 by Moody’s. Concord’s new 5-year notes issuance is backed by an actively managed catalog of more than 1 million unique music assets spanning a wide range of genres, including over 300 GRAMMY Award winners and more than 400 recordings with Gold, Platinum, Multi-Platinum, and Diamond Recording Industry Association of America (RIAA) certifications.

“Concord’s management has demonstrated exceptional vision in building a catalog that reflects the breadth and evolution of modern music, and we are pleased to work with Concord once again on this significant transaction,” said Bret Leas, Apollo Partner and Co-Head of Asset-Backed Finance. “By anchoring and structuring this ABS, we have helped Concord unlock the value of their extraordinary music catalog. We are proud to provide a customized solution to support their continued success,” added Paul Sipio, Principal at Apollo Global Management.

FTI Consulting served as the backup manager for the transaction, with the Bank of New York Mellon acting as trustee. Virtu Global Advisors, LLC provided valuation services, while DLA Piper provided legal counsel for Concord and Milbank LLP for Apollo affiliates.

CONCORD is the world’s leading independent music company. The Company supports more than 125,000 artists and songwriters whose works are licensed, marketed, and performed globally. Concord’s growing catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals is one of the most impactful and culturally relevant collections of creative rights in history.

Concord is headquartered in Nashville with additional offices in Los Angeles, New York, London, Berlin, Melbourne, and Miami.

CONCORD LABEL GROUP embodies a philosophy that places artists at the center of their own creative journey. With a global team committed to providing unparalleled resources and personalized support, Concord Label Group boasts a diverse roster across seven active labels; Concord Records, Easy Eye Sound, Fearless Records, Loma Vista Recordings, PULSE Records, Rounder Records, Concord Theatricals Recordings, and Craft Recordings which manages legendary catalog labels such as Stax, Fania, Prestige, Telarc, and Varèse Sarabande among others. Its portfolio of master recordings contains 300,000 active tracks by some of the world’s most influential artists who have earned over 300 GRAMMY Awards and more than 400 RIAA certifications.

Concord Label Group is also home to the KIDZ BOP brand, a global phenomenon beloved by kids and families, with 24 million albums sold, 11 billion streams, and a legacy of innovation in music, videos, consumer products, and live tours.

CONCORD MUSIC PUBLISHING represents over one million copyrighted works by the world’s most celebrated songwriters, composers, and lyricists. Spanning nearly two centuries of song, through a vast array of genres and territories, Concord Music Publishing also supports a diverse group of contemporary creators producing important and popular new songs and musical works by offering individualized creative support through its A&R, Synchronization, and Marketing teams and diligent administration by its in-house Copyright, Licensing, Income Tracking, and Royalty departments. Concord Music Publishing is home to the world’s leading classical music publisher, Boosey & Hawkes, and operates exclusive joint ventures with top pop music publisher, Pulse Music Group and Hillary Lindsey’s Hang Your Hat Music.

CONCORD THEATRICALS is the world’s most significant theatrical company, comprising the catalogs of Rodgers & Hammerstein Theatricals, Samuel French, Tams-Witmark, and The Andrew Lloyd Webber Collection, plus dozens of new signings each year. Its unparalleled roster includes the work of Irving Berlin, Agatha Christie, George & Ira Gershwin, Marvin Hamlisch, Lorraine Hansberry, Kander & Ebb, Tom Kitt, Ken Ludwig, Marlow & Moss, Lin-Manuel Miranda, Anaïs Mitchell, Dominique Morisseau, Cole Porter, Rodgers & Hammerstein, Thornton Wilder, and August Wilson. It is the only company providing truly comprehensive services to the creators and producers of plays and musicals, including theatrical licensing, music publishing, script publishing, cast recording, and first-class production.

CONCORD ORIGINALS is the film and TV division of music and theatre juggernaut, Concord. The team develops and produces stories anchored by Concord’s artists, music and theatrical works, taking a proactive, narrative-driven approach to each project, and partnering with A-list storytellers to produce premium content for screen and beyond. The division’s slate is comprised of feature films, series, documentaries, and podcasts and its partners include HBO, Paramount, Netflix, Skydance, Telemundo Streaming Studios, Audible, Nuyorican Productions, White Horse Pictures, 3AD, Sky Arts, and many others.