Chicago, Aug. 5 – Warner Music Group Corp. sold a €445 million offering of 10-year senior secured notes (Ba3/BB+) on Thursday, according to an 8-K filing with the Securities and Exchange Commission.
The notes came on the low end of price talk in the 2 3/8% area, lower still 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 is 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.
Paul A. Harris contributed to this story.
| Issuer: | WMG Acquisition Corp.
|
| Issue: | Senior secured notes
|
| Amount: | €445 million
|
| Maturity: | 2031
|
| Bookrunners: | Credit Suisse Securities (USA) LLC
|
| Coupon: | 2¼%
|
| Call features: | Five years
|
| Trade date: | Aug. 5
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 2 3/8% area; initial talk in mid-2% area
|
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