David Bowie News

Bowie Bonds Suffer Downgrade From Moody'

AP, Mar 19, 2004 5:09 pm PST
The bonds backed by publishing and recording rights on singer David Bowie 's back catalogue have been hit by a ratings downgrade from Moody's Investors Service.

The issuer of the bonds, Jones/Tintoretto Entertainment Company LLC, was downgraded to Baa3 — just one notch above junk — from A3 by Moody's on Friday, after a lengthy review process.

The credit rating agency cited the weaker sales of recorded music and a downgrade to an unnamed company that guarantees the issue.

A specialist in intellectual property securitizations, who asked not to be named, said that the guarantee came from British music company EMI Group PLC. He said that in March 2003, EMI's long-term credit rating was lowered by Moody's.

The $55 million, 10-year Bowie Bonds issue is backed by the rights on 287 songs.

The bonds were touted as the forerunner of a new class of intellectual property securitizations when they were sold in 1997. However, there have been few similar deals.

More Artist News

Music firm Chrysalis ends takeover talks

Apr 14, 2008 11:00 pm PDT

David Bowie, Blondie and Gnarls Barkley publisher Chrysalis Group Plc said on Tuesday it had ended talks with would-be buyers after rejecting a 104 million pound ($205.4 million), 155 pence-per-share cash offer. Shares in the firm slu...

Report: EMI, Warner Chappell bidding for independent UK label Chrysalis

Jan 18, 2008 3:00 am PST

EMI Group, which recently outlined a painful restructuring plan, has made a bid for independent music label Chrysalis Group PLC, a newspaper reported Friday. The report in The Times also said that Warner Chappell, the publishing arm of Wa...

Rocker donates to Jena 6 defense fund

Sep 19, 2007 12:52 pm PDT

David Bowie has donated $10,000 to a legal defense fund for six black teens charged in an alleged attack on a white classmate in the tiny central Louisiana town of Jena. The British rocker's donation to the Jena Six Legal Defense Fund wa...

Punk icon Iggy Pop turns 60, dives off stage

Apr 21, 2007 11:00 pm PDT

Iggy Pop marked his 60th birthday on Saturday just like any other respectable senior citizen would. The eerily athletic "Godfather of Punk" stripped down to a tight pair of blue jeans and dived off the stage into the arms of his adoring ...

They Might Be Giants plot July for next disc

Apr 4, 2007 1:57 am PDT

Veteran rock duo They Might Be Giants will return July 10 with their first new "rock" album in three years, "The Else." The 13-track Universal release was produced by the Dust Brothers, who previously worked with the group on a 1993 remi...

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