Warner Music Group gets consents to amend 11½%, 13¾%, 6%, 6¼% notes

By Angela McDaniels

Tacoma, Wash., March 5 - Warner Music Group Corp. subsidiary WMG Acquisition Corp. and WMG Holdings Corp. received enough consents from noteholders to amend the indentures governing four series of notes, according to an 8-K filing with the Securities and Exchange Commission.

The companies solicited consents from the holders of WMG Holdings' 13¾% senior notes due 2019 and WMG Acquisition's 11½% senior notes due 2018, 6% senior secured notes due 2021 and 6¼% senior secured notes due 2021.

The indentures have been amended to allow WMG Acquisition and WMG Holdings to provide certain information about the future consummation of the proposed acquisition of the Parlophone Label Group in satisfaction of the financial reporting covenants in the indentures governing the notes.

The consent solicitation began Feb. 21 and ended at 5 p.m. ET on March 4.

Holders were offered a consent payment of $1.25 per $1,000 principal amount of notes or €1.25 per €1,000 principal amount of notes, as applicable.

Consents were needed from the holders of a majority of each series of notes.

Under the acquisition agreement, Parlophone is being purchased from Universal Music Group for £487 million in an all-cash transaction. Closing is expected to occur mid-year.

The solicitation agent was Credit Suisse (212 538-1862 or 800 820-1653). The information and tabulation agent was D.F. King & Co., Inc. (212 269-5550 or 800 290-6427, wmg@dfking.com; 44 20 7920 9700, attn: Damian Watkin/Katerina Papamichael).

Warner Music is a New York-based music content company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.