TSL Express Daily News

Secures ABS transaction structured by ATLAS SP Partners and refinanced credit facility from a Truist Securities-led syndicate

Builds on momentum from previously announced joint venture with Morgan Stanley

NEW YORK, March 19, 2024 /PRNewswire/ -- 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."

About Kobalt Music Group
Kobalt Music Group is the leading independent music publishing destination for songwriters and publishers, powered by technology. Across 13 global offices, Kobalt serves over 850,000 songs, representing some of the biggest songwriters in the world, including Roddy Ricch, Max Martin, Karol G, Andrew Watt, Stevie Nicks, Phoebe Bridgers, The Lumineers, Gunna, Justin Quiles, Dave Grohl, Paul McCartney, and many more. On average, Kobalt represents over 35% of the top 100 songs and albums in the US and the UK. With a relentless focus on advancing the interests of creators, Kobalt leverages cutting-edge technology to streamline the complex processes of music publishing administration. The company's dedication to transparency, coupled with its forward-thinking approach, has positioned it as a trusted partner for songwriters and rights holders navigating the ever-evolving music industry.

Kobalt's unwavering commitment to empowering creators and reshaping the future of music rights management solidifies its standing as a global leader in the music industry. The company continues to transform the industry, most recently via AMRA, its global digital music collection society designed to maximize value for songwriters and publishers in today's digital age, while providing the highest level of transparency and efficiency. For more information about Kobalt, please visit www.kobaltmusic.com.

About ATLAS SP

ATLAS SP is a global investment firm providing stable capital, financing, advisory and institutional products to market participants seeking innovative and bespoke structured credit and asset backed solutions. We're proud to build upon a legacy of client excellence that includes certainty of execution, deep expertise and full-service capabilities across the asset management landscape. For more information, visit www.atlas-sp.com.