Universal Music Group has successfully priced a EUR €1 billion (USD $1.15 billion) bond offering.
The bond sale is split into two tranches of €500 million each, UMG said on Tuesday (June 9).
UMG, which trades on the Euronext Amsterdam, confirmed today (June 9) that it “has successfully priced €500m of 3.375% senior unsecured notes due 2030 and €500m of 4.125% senior unsecured notes due 2036″.
The offering is expected to close on Tuesday, June 16, subject to customary closing conditions, the company said.
UMG said the proceeds will be used for general corporate purposes, including the refinancing of existing debt and paying transaction fees and expenses.
The notes will be issued from the company’s Euro Medium Term Note program and listed on Euronext Amsterdam.
They were sold to investors outside the United States in reliance on Regulation S under the US Securities Act of 1933.
The pricing confirms a sale that UMG was reported to be weighing earlier in the week.
Bloomberg reported on Monday (June 8) that UMG was speaking to investors ahead of a possible two-part bond sale, with the tranches expected to carry maturities of four and 10 years.
That report noted, citing data compiled by Bloomberg, that UMG took on a €1 billion bridge loan earlier in 2026, with repayment falling due at the end of July.
A separate €500 million bond is due to mature in 2027.
UMG holds a Baa1 rating from Moody’s Ratings and a BBB+ rating from S&P Global Ratings.
The bond sale follows UMG‘s recent rejection of a $64 billion takeover bid from Bill Ackman‘s Pershing Square.
UMG’s board turned down the offer in May because it “fundamentally and materially undervalues UMG and will not deliver superior value creation,” the company said at the time.
Pershing Square first submitted its non-binding proposal on April 7, valuing UMG at approximately €55.8 billion ($64.4 billion).
The Bolloré Group, which controls 28% of UMG through a direct stake and its holding in Vivendi, had urged the board to reject the offer.
The pricing also comes days after Pershing Square sold off its remaining UMG shares, ending the fund’s run as a shareholder.
Pershing Square sold around 80.6 million UMG shares via an overnight placing on Wednesday (June 3).
The placing, handled by Bank of America, raised around €1.42 billion, according to Bloomberg.
As part of that exit, UMG bought back €250 million ($290 million) of its own stock directly from Pershing Square on Thursday (June 4).
That repurchase was carried out separately from a €500 million share buyback program that UMG launched in March.
Shareholders had approved a further €500 million repurchase authorization at the company’s annual general meeting on Wednesday (May 13).
Pershing Square first acquired around 10% of UMG from Vivendi in 2021 for approximately $4 billion, and Ackman resigned from the company’s board in May 2025.
In January 2025, the fund distributed 47 million UMG shares to co-investors as one of its vehicles was wound down.
BNP Paribas and Crédit Agricole CIB acted as global coordinators on the bond offering.
IMI – Intesa Sanpaolo, Mediobanca, Mizuho, Morgan Stanley, Santander and Société Générale acted as active bookrunners, with BofA Securities, Citigroup, Goldman Sachs and MUFG acting as co-managers.Music Business Worldwide
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