bah l'instrument qu'à émis bowie est un bond (une obligation). En fait techniquement ce type d'opé s'appelle une titrisation (securitisation en anglais). Il a transformé en titre financier les flux issus de ses royalties. Bowie a levé 55 M$ comme ça. Vu du coté musicien, ou plutot de l'entité qui est proprietaire du catalogue, ça permet d'encaisser de suite ses gains futurs (après soit c'est pr se payer la piscine ou la villa soit faire un effet de levier en produisant mieux ses disques assurant des grosses tournées etc.)
http://www.prnewswire.co.uk/cgi/news/release?id=39465
GEC STRIKES GOLD IN HEAVY METAL
San Francisco - Global Entertainment Capital, LLC ("GEC"), a leading entertainment finance company, announced today the completion of their U.S dollars 30MM (approximately) securitisation for The Sanctuary Group plc's managed-act: Iron Maiden and its catalogue.
GEC's deal is backed by the record masters and copyrights of 15 albums of the English heavy metal band Iron Maiden, owned by Iron Maiden Holdings, Ltd. The 20-year transaction received above-investment grade ratings from Moody's Investor's Services and Fitch/IBCA.
GEC's Sanctuary/Iron Maiden transaction is the first ever royalty-backed securitisation to be performed by an artist in The United Kingdom, receive above investment grade ratings without any guarantees or external credit enhancement, and have an almost exclusive focus on income streams generated by record sales. The transaction was completed with Bill Leibowitz of Leibowitz, Roberts & Ritholz along with a team of international lawyers.
"This deal truly marks a milestone in the development of the entertainment finance market," says Riaz Valani, vice chairman of GEC. "We're excited about this transaction and have several innovative entertainment securitisations in the works. GEC is beginning to recognise the power of securitization to fuel the growth of music, television, film and literary businesses. This vehicle provides efficient, inexpensive capital to both artists and companies."
Founded in 1979, The Sanctuary Group plc, a publicly quoted company on the London Stock Exchange, has grown into one of England's premier multimedia companies, with areas including artist management, business management, booking agents (one of Europe's largest), a record company, book publishing, television production, and merchandising. Sanctuary has managed Iron Maiden since 1979, in which time Iron Maiden has grown to become one of the top 50 biggest-selling bands of all time (in excess of 52 million albums sold worldwide) as well as one of the world's largest touring and merchandising acts.
"Iron Maiden has a tremendous following around the world with total record sales of over 50 million. The securitisation of the predictable and steady stream of Iron Maiden's cashflow from the back catalogue makes it a solid investment," [url](ce sont bien les revenus du back catalogue qu'ils ont titrisé le mec arguant que ces revenus sont stables et previsibles)[/url] says Andy Taylor, Sanctuary's chief executive.
Global Entertainment Capital, LLC is a leading provider of debt capital and investment banking services to the music, television, film, animation and literary industries. GEC is a partnership between Global Asset Capital and The Stone Pine Companies and is headquartered in San Francisco, California with offices in New York and Denver.
"GEC has brought together the people, capital, and expertise necessary to build the foremost entertainment lender. We look forward to continuing to serve the creators of content by providing the marketplace with the highest quality, most efficient funding available," said Tabreez Verjee, director of GEC.
Global Asset Capital, LLC "GAC" is a private investment bank focused on asset-backed financings of intellectual property and financial receivables. With over dlrs 3.0 billion of transactional experience, GAC is an emerging leader in the securitisation of entertainment, intellectual property, and esoteric financial assets. Founded in 1997 as KMS Structured Finance, Inc., GAC is based in San Francisco, California.
The Stone Pine Companies are a privately held group of financial services companies specialising in investment banking, merchant banking, and asset management. Stone Pine has made in excess of dlrs 7.0 billion of alternative investments, with successful ventures including Franchise Finance Corporation of America, the world's largest franchise lender, Silver Screen Management, a dlrs 1.5 billion Disney/HBO Films film financing vehicle, and Hamilton Lane Advisors, a leading pension advisor on alternative investments.
Distributed by PR Newswire on behalf of Iron Maiden Holdings
(ils ont du monter une holding)