It seems like there is a very large appetite for music rights investment at the moment. SESAC has just completed a refinancing of its capital structure, which has seen it sell off $530 million in bonds and gaining commitments for $30 million in a revolving credit facility.
Source have said that the deal was heavily oversubscribed to almost $1.5 billion.
It shows that investors are now willing to invest within the music industry, which hasn’t been the case of well over a decade.
It will be interesting to see if any other music rights companies make a move either onto the public markets or are acquired within the industry and what multiples they can achieve.