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Warner Music plans international roadshow for $635 million dual-currency secured notes
By Paul A. Harris
Portland, Ore., Oct. 19 - Warner Music Group Corp. will begin a roadshow on Monday in London for a $635 million dual-currency offering of eight-year senior secured notes, according to a syndicate source.
The notes will be offered in dollar and euro denominations.
A roadshow in the United States gets underway on Tuesday.
The deal is set to price late in the Oct. 22 week.
Credit Suisse Securities (USA) LLC, Barclays, UBS Securities LLC, Macquarie Capital and Nomura are the joint bookrunners.
The Rule 144A and Regulation S for life notes will become callable in three years at par plus 75% of the coupon, and they will feature a three-year 40% equity clawback.
The issuing entity will be WMG Acquisition Corp., a unit of Warner Music Group.
The New York-based music content company plans to use the proceeds to repay its existing senior secured notes.
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