Universal Music Explores €1 Billion Bond Sale After Rejecting Bill Ackman Takeover Bid
Updated
Updated · Bloomberg · Jun 8
Universal Music Explores €1 Billion Bond Sale After Rejecting Bill Ackman Takeover Bid
3 articles · Updated · Bloomberg · Jun 8
Summary
Universal Music Group is sounding out investors for a possible €1 billion two-part bond sale expected as soon as Monday.
The company plans to use the proceeds to refinance existing debt and support general corporate activities, according to a person familiar with the matter.
The market approach comes after Universal Music rejected a takeover offer from hedge fund billionaire Bill Ackman.
Universal Music carries investment-grade ratings of Baa1 from Moody’s and BBB+ from S&P, positioning the deal as a refinancing move rather than a distress raise.