HarbourView Equity Partners Raises $500 Million in Debt Financing

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The private asset-backed security was led by KKR with participation by Kuvare Asset Management.

Sherrese Clarke Soares at the Billboard Power 100 Event held at Goya Studios on Feb. 1, 2023 in Los Angeles.The private ABS, backed by royalties generated by its music catalog, was led by global investment firm KKR. Investment accounts advised by Kuvare Asset Management also participated. Guggenheim Securities was the structuring advisor, and Guggenheim Securities and Barclays acted as co-placement agents.

The ABS will give HarbourView additional ammunition to pursue music rights. When a music company raises money through an ABS, it sells debt that will be repaid by royalties from its music catalog. A large music catalog filled with established songs provides to type of diversified, predictable income that’s attractive to investors. Music companies often prefer an ABS because it tends to have a higher loan-to-value ratio than traditional debt.

A handful of companies have raised enormous sums of money through music royalties ABS deals in the past two years. In 2021, Lyric and Northleaf launched aThe growth of the music streaming market has helped create the current climate for music-backed ABS deals — and should result in more deals in the future. A large music catalog’s streaming royalties makes music assets “more suitable” for securitization, ratings agency S&P Global.

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Source: Loan Digest (loandigest.net)


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