S&P rates WMG notes BB+

S&P said it assigned BB+ issue-level and 3 recovery ratings to WMG Acquisition Corp.'s planned €445 million of senior secured notes due 2031. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery of principal in default.

The company will use the proceeds to refinance its €445 million of senior secured notes due 2026.

“We expect the transaction to be roughly leverage and cash flow neutral,” S&P said in a press release.

The outlook is stable.

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