Rock Group Eyes Bond Sale
Crosby, Stills and Nash, the folk and rock group that had a string of hits in the late 1960s and ‘70s, is considering selling a bond backed by future royalty payments, according to people familiar with the situation.
The group and its managers want to duplicate the kind of bonds British rocker David Bowie sold in February. Like Bowie’s bonds, these securities will probably be backed by future royalty payments on the publishing rights and master recordings for the group’s tunes, including hits such as “Suite: Judy Blue Eyes” and “Teach Your Children.”
The group is working with the same team that created the Bowie bond, Fahnestock & Co., an investment bank, and Rascof Zuisplatt Organization, which manages the business affairs and tours for a variety of musicians. The firms have a 15-year relationship with Crosby, Stills and Nash and its management.
The bonds are the latest twist in the asset-backed bond market, which last year grew to a record $165 billion.
By selling the bonds, the issuer gets ready access to cash, instead of waiting for royalties to come in.
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