Perhaps hoping to prove there's safety in numbers, the Pullman Group is now claiming to be well on the way towards its largest securitization yet.

David Pullman, impresario of the "Bowie Bond," said he is now coming up with a package deal of entertainment legends in a financing that could top the scales to the tune of $100 million. This would make it the largest score of its genre to date.

While he was reticent to reveal which performers would join his chorus, there are some rumors in the market that at least one of the group will be legendary folk-rock artist Bob Dylan.

Although there is no premiere date for the bonds, the company is anticipating a third-quarter 1999 opening. However, as with the firm's prior securitizations, this one will only be available for private viewing by a select list of institutional investors.

Pullman said he expects the issue will have a maturity of about 15 years, but it will be self-liquidating and therefore the average life will be less than 10 years.

To date the firm has marketed debt offerings backed by royalties from works by David Bowie, James Brown, Ashford & Simpson and Holland Dozier Holland. The Bowie issue was reported to be a $55 million securitization and Holland Dozier was for $30 million. Amounts of the other private placements have not been disclosed.

Duff & Phelps and Fitch IBCA assigned single-A ratings to the earlier offerings while Moody's Investors Service rated them A3. The proposed deal is expected to garner similar ratings. - David Feldheim

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