Kirkland & Ellis LLP
05/01/2026 | Press release | Distributed by Public on 05/01/2026 10:34
Kirkland Advises Universal Music Group on $500 Million Chord Music Partners Notes Offering
Kirkland & Ellis represented Universal Music Group (UMG), in connection with Chord Music Partners, on the pricing of $500 million of Series 2026-1 senior notes (the "Notes"), secured by a diversified portfolio of music publishing and recorded music assets. The Notes are expected to be issued by Canon Music Issuer Trust, which is intended to serve as Chord's long-term financing vehicle, and priced at a yield of 5.560% and a spread of 160 basis points, marking the tightest-ever pricing for a music royalty ABS to date.
Read the transaction press release
The Kirkland team included structured finance lawyer Kelly Mellecker, Ed Kellermann and Betsy Morris; and technology & IP transactions lawyer Seth Traxler.
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