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Reuters

Legendary Motown songwriting trio Holland-Dozier-Holland, creators of hits such as “Stop in the Name of Love” and “I Hear a Symphony,” are singing to the tune of $30 million as they become the latest musicians to wrap up a security deal backed by future music royalties.

The bond deal, which got a single-A rating from two major credit-rating agencies, will be backed by more than 300 of the trio’s compositions, according to Pullman Group, which underwrote the private placement.

Edward and Brian Holland and Lamont Dozier are the first songwriters to complete such a transaction. The first musician to raise capital this way was David Bowie, who raised $55 million last year by selling bonds backed entirely by the anticipated flow of royalties from his first 25 albums.

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