Warner Warner Music Group Launches $630 Million Senior Secured Notes Offering


Warner Music Group has filed an offering for $630 million in senior secured notes.  The funds will be used to pay of older debt  that that the company is carrying at a higher rate.  The full press release:

Press Release:

Warner Music Group Corp. Announces Launch of Senior Secured Notes Offering

NEW YORK, NY–(Marketwired – Oct 10, 2016) – On October 10, 2016, Warner Music Group Corp. (“Warner Music Group” or “WMG”) announced that through its wholly owned subsidiary, WMG Acquisition Corp. (the “Company”), it intends to commence a private offering (the “Offering”) of $630 million aggregate principal amount of senior secured notes, which are expected to be issued in a combination of euro- and dollar-denominated notes (the “Notes”).

The Notes will be offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended (the “Securities Act”). The Notes will be offered only to qualified institutional buyers pursuant to Rule 144A and to certain persons outside the United States pursuant to Regulation S, each under the Securities Act. The Company intends to use the proceeds of the Offering, together with available cash, to repurchase, redeem or discharge all of its currently outstanding 6.250% Senior Secured Notes due 2021 and 6.000% Senior Secured Notes due 2021. 

The Notes have not been registered under the Securities Act and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements.

This press release is for informational purposes only and is not an offer to sell or purchase nor the solicitation of an offer to sell or purchase securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful.