WMG tenders, solicits consents for $765 million 11½% notes due 2018

By Susanna Moon

Chicago, March 26 - Warner Music Group Corp. said wholly owned subsidiary WMG Acquisition Corp. began a tender offer and consent solicitation for its $765 million of outstanding 11½% senior notes due 2018.

The total purchase price will be $1,136.35 for each $1,000 principal amount of notes tendered by 5 p.m. ET on April 8, the consent date.

The total payment includes a $30 premium per $1,000 of notes tendered by the consent deadline.

Those who tender after the early deadline will receive $1,106.35 per $1,000 of notes.

The company also will pay accrued interest up to but excluding the payment date, which will be April 9 for early tendered notes.

The tender offer will end at midnight ET on April 22, 2014.

Holders cannot deliver consents without tendering their notes or tender notes without giving consents, according to a company press release.

The completion of the tender offer is conditioned on the company obtaining at least a majority of the outstanding notes by the consent deadline and the issue of new notes.

The company said it plans to issue a call for all of the remaining notes for redemption on April 25, which is also conditioned on the issue of new notes.

Credit Suisse Securities (USA) LLC (212 325-2476 collect or 800 820-1653) is the dealer manager. D.F. King & Co., Inc. (800 848-3416 or wmg@dfking.com) is the information agent and tender agent.

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

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