Bob Dylan's music was the soundtrack for the counterculture of 1960s America.

Now it's become a big selling point for an unusual bond offering being marketed to institutional investors and high net worth individuals.

Sesac Inc. is preparing a $300-million bond backed by the cut it receives by acting as a middleman between music companies and songwriters and the outlets that broadcast their music. The privately held company, of Nashville, Tenn., has the exclusive rights to the public broadcast or performance of the music of Bob Dylan, Neil Diamond, Canadian rock band Rush and jazz musician Cassandra Wilson.

For bond investors, it's a rare opportunity to get exposure to the enduring popularity of what many consider to be America's greatest musicians.

Aside from their love of music, the bond sale also taps into investors' appetite for yield at a time of near-zero interest rates. More conservative investors tend to shun bonds backed by exotic forms of collateral that are difficult to buy and sell in the event of a default.