Adele's Music Licensing Fees to Help Fund $335 Million of Bonds [Business News Network (BNN) (Canada)]
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Source: Business News Network
Performing-rights organization SESAC, which licenses music to radio, television and film and collects other fees and royalties, has sold a $335 million bond transaction, according to people with knowledge of the matter. The offering is the second such deal for the Blackstone Group Inc.-backed company, which also counts Bob Dylan, Kesha, and Green Day among its roughly 30,000 clients. SESAC is effectively mortgaging its business by selling the bonds, known as whole-business securitizations, allowing it to borrow with investment-grade ratings instead of offering junk debt. The company, which was bought by Blackstone Group in 2017 for about $1.125 billion, sold similar securities in 2019. Yields on whole-business securitizations, along with most other kinds of debt, have risen in the last year as the Federal Reserve started hiking interest rates to tame inflation. Issuance volume for these asset-backeds has slowed slightly from last year's record levels, down about 6% from the same
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