DLA Piper advises Chord Music Partners on its US$500 million music royalties backed securitization

DLA Piper advised Chord Music Partners (Chord), a leading global independent music rights platform managed by Dundee Partners in partnership with Universal Music Group (UMG), in the successful closing of a US$500 million music royalties backed securitization (ABS).

The Series 2026-1 senior notes issued by Canon Music Issuer Trust are secured by royalties from a catalogue of more than 3,750 compositions and master recordings featuring internationally acclaimed artists and songwriters.

DLA Piper’s cross-border deal team was co-led by Partners Robert Sherman, Claire Hall (both Los Angeles), and Adam Brenner (New York), and included Partners Rachel Fertig (Washington, DC), Rob Fonn, Sarah Bode, and Alex Roberts (all Toronto); Of Counsel Bert Eidson (Atlanta); and Associates Sam Nofer (Philadelphia), Chaliz Taghdis, and Michelle Heravi (both Los Angeles).

DLA Piper’s market-leading music ABS team is among the most active in the growing music royalties-backed securitization market and has represented issuers on more than US$6 billion of music ABS and other structured music financings since 2021.

The firm has also advised Dundee Partners in the Chord structure across a variety of acquisitions and financings since 2021.

“Dundee Partners and Universal Music Group have built one of the most dynamic portfolios and DLA Piper is pleased to continue to support their growth,” said DLA Piper Partner Adam Brenner.

"We have relied on DLA Piper as trusted advisors since the founding of Chord, and this transaction was no exception,” said John Chapman, Managing Director, Dundee Partners. “Claire, Robert, Adam, and their teams brought deep knowledge across structured finance, capital markets, and music IP. We're grateful for their continued commitment to our growth."

DLA Piper's market-leading international team of media, sport, and entertainment lawyers, located throughout the Americas, Asia Pacific, Europe, Africa, and the Middle East, advise on M&A, finance, borrowing, investment, and corporate issues, production and rights acquisitions, exploiting media rights, staging and exploiting live sports and other events, intellectual property protection and enforcement, regulatory and administrative issues, antitrust and competition law, stadium and arena development, and the resolution of disputes.