SESAC Music Group Closes $889 Million Whole Business Securitization

(July 31, 2025 – New York, NY) SESAC Music Group announced today the closing of its Whole Business Securitization issuance of $889 million in bonds via a series of new five-year senior notes. SESAC Music Group’s outstanding senior notes total approximately $1.1 billion following completion of the new financing.

The bonds are secured by substantially all SESAC Music Group’s assets and revenues, including those in its Performing Rights and Music Services divisions.  SESAC Performing Rights represents a repertoire of notable songwriters, such as Ariane Grande, Kurt Cobain, Jack Harlow, Billie Joe Armstrong, and Axl Rose, as well as composers of music in television programs, such as Seinfeld, Grey’s Anatomy, Suits, and Modern Family, and films, including Cars 3, Ant-Man and the Wasp, Frozen and Napoleon Dynamite. 

Assets and revenues from SESAC Music Group’s Music Services division will also be included in the collateral. Music Services offers a variety of services to writers, publishers, collective management organizations, and DSPs as well as an unparalleled array of metadata and media asset management, delivery, and distribution services to independent labels, artists, and rightsholders via AudioSalad.

John Josephson, Chairman and CEO of SESAC Music Group, said: “As we continue to expand both segments of our business, ensuring long-term access to institutional capital, and continuing to build upon our strong financial foundation and established reputation are crucial. WBS transactions like the one we just closed will remain a vital part of our growth strategy, allowing us to continue to lower our cost of capital while expanding our global capabilities in support of the independent songwriters, composers, publishers, labels, artists and CMOs we serve.”

The latest bond issuance represents SESAC’s fourth securitization offering and is the largest 144a, rated whole business securitization in the music sector to date.  The notes were rated BBB(sf) by ratings agency Morningstar DBRS. The company said that the transaction was approximately three times oversubscribed, reflecting what it called “robust investor demand underpinning SESAC’s WBS strategy.”

Guggenheim Securities LLC, Barclays Capital Inc., and ING Financial Markets LLC acted as joint bookrunners and Blackstone Securities Partners L.P. acted as co-manager for the transaction. Guggenheim Securities LLC served as structuring agent.

Virtu Global Advisors, LLC provided valuation services, while Latham & Watkins provided legal counsel for SESAC and White & Case for the underwriters.