Universal Music lines up €1 billion bond sale in 2 tranches
What's new: The financing would help refinance a bridge loan due in late July and a €500 million bond maturing in 2027.
Universal Music Group is sounding out investors for a possible €1 billion bond sale split into four-year and 10-year tranches of about €500 million each. The Amsterdam-listed music company is seeking the debt financing after rejecting Bill Ackman’s takeover approach and after Ackman sold his €1.42 billion stake. The proceeds are expected to refinance existing borrowings and support general corporate activities. Bloomberg data show Universal Music has a €1 billion bridge loan maturing in late July and a €500 million bond due in 2027. BNP Paribas and Credit Agricole Corporate & Investment Banking are coordinating the deal, with several other banks serving as bookrunners.