Performing-rights organization SESAC plans to sell $300 million of debt to institutional investors. Dow Jones Newswires says the bonds will be funded by SESAC's slice of the payments that outlets make to artists and music companies and will help the company pay a dividend to its investment-bank and hedge-fund owners as well as fund refinance existing debt. And oh by the way, company execs are still thinking about a merger.
Goldman Sachs has been advising Sesac on a possible merger since early this year, according to a person familiar with the thinking of company officials, and Sesac hasn't ruled one out.
Investors who've been pitched the deal say underwriters are trying to sell the five-year bonds to yield around 5.25%. Comparable Treasurys currently are yielding 0.7%.
SEE ALSO: PE firms have SESAC on the block
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- ROSS, BRIDGETT D
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- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS