SESAC reshuffles debt to make cost savings
Thursday, Apr 10th 2014 at 10:59AMPerformance rights organisation SESAC is refinancing, taking on $5 million debt with the view to make cost savings in interest payments.
Billboard reports the news, taken from a report from Moody's Investors Services.
Rizvi Traverse acquired 75% of SESAC in 2013 for $591. Now, in order to reduce quarterly payments it is paying down $110m debt but taking on new debt of $115m with a lower interest rate.
SESAC's revenue for 2013 is reported at $167million with profits of $57million ...
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