SFX, the embattled EDM promoter, festival organiser and Beatport owner, has refinanced its $30 million revolving credit facilities with a new $90 million cash line that comes from both new and existing investors. SFX said the funding was "for new initiatives and operating and working capital needs". Founder Robert Sillerman added: "This round of financing from these sophisticated investors reflects a level of confidence and provides growth capital to support many of the exciting new initiatives SFX is undertaking". Meanwhile SFX's CFO Richard Rosenstein added: "With the success of many of our festivals in the current quarter and this added financial flexibility, SFX is better positioned to continue growing our powerful brands and support our extraordinary team members who are focused on executing on our strategic plans. This also eliminates all operating distractions as we explore proposals from interested strategic partners".
SFX's share price rose on the news to 62 cents per share, compared to $3.70 at the start of the year, and $13 when SFX floated in October 2013.