Warner Music talks €445 million 10-year secured notes in 2 3/8% area, pricing Thursday

By Paul A. Harris

Portland, Ore., Aug. 5 – Warner Music Group Corp. plans to price a €445 million offering of 10-year senior secured notes (Ba3/BB+) on Thursday, according to market sources.

Price talk is in the 2 3/8% area, tight to initial guidance in the mid-2% area.

Credit Suisse Securities (USA) LLC has the books for the Rule 144A and Regulation S offer.

The notes come with five years of call protection.

The issuing entity will be WMG Acquisition Corp., a wholly owned subsidiary of Warner Music Group.

The New York-based music entertainment company plans to use the proceeds to refinance its 3 5/8% senior secured notes due 2026.

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