SESAC Raises $889 Million in Whole Business Securitization
SESAC Music Group has closed on an $889 million bond sale through senior, five-year notes, the company announced Thursday (July 31). SESAC’s fourth securitization is a “whole business securitization” that is secured by SESAC’s assets and revenues, including its performing rights and music services businesses. Traditional securitizations are backed by specific assets, not the assets and operating revenue of an entire company. Most music companies’ securitizations — including those closed […]