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4min chapter
How Wall Street became infatuated with the music industry
Behind the Money
What's Going on With Merck McEureres' Debt?
Merck McEureres has been using Blackstone's money to do deals. He can't raise any more money because the share price has fallen so much. As interest rates rise, the cost of its debt is going up. They've just refinanced it and taken out a revolving credit facility worth $700 million. The new debt is 2% above a sort of daily interest rate that's based on transactions in financial markets. Meanwhile, revenues from the existing song portfolio have been falling for the last few years.
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