| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for WMG Acquisition Corp. > News item |
S&P rates WMG Acquisition notes BB
S&P Global Ratings said it assigned its BB issue-level rating and 3 recovery rating to WMG Acquisition Corp.’s proposed $550 million of senior secured notes due 2031. The 3 recovery rating indicates S&P’s expectation of meaningful (50%-70%; weighted average: 65%) recovery of principal in the event of a default.
The company will use the proceeds to pay down a portion of its $1.326 billion term loan ($1.323 outstanding as of June 30).
“We view the transaction to be leverage neutral. Our issuer credit rating remains BB,” S&P said in a press release.
The outlook is stable.
© 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.