Business
WMG Acquisition Corp. Announces Launch of Senior Secured Notes Offering and Cash Tender Offer and Consent Solicitation for Any and All Outstanding 5.000% Senior Secured Notes due 2023
NEW YORK, June 16, 2020 (GLOBE NEWSWIRE) -- Warner Music Group Corp. (“Warner Music Group” or “WMG”) today announced that through its wholly owned subsidiary
About this update from Warner Music Group Corp.
[{"type":"text","content":"NEW YORK, June 16, 2020 (GLOBE NEWSWIRE) -- Warner Music Group Corp. (“Warner Music Group” or “WMG”) today announced that through its wholly owned subsidiary WMG Acquisition Corp. (the “Company”) it has commenced a private offering (the “Secured Notes Offering”) of senior secured notes (the “New Notes”). \n The New 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 New 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 New 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. Concurrent with the commencement of the Secured Notes Offering, the Company announced that it has commenced a tender offer to purchase for cash any and all of its outstanding debt securities listed in the table below (the “2023 Notes”). In conjunction with the tender offer, the Company is soliciting consents (“Consents”) to the adoption of certain proposed amendments to the indenture governing the 2023 Notes to, among other things, eliminate substantially all of the restrictive covenants, certain events of default and other related provisions. Capitalized terms used herein and not defined herein have the meaning given to them in the Company’s Offer to Purchase and Consent Solicitation Statement dated as of June 16, 2020. The 2023 Notes and material pricing terms for the tender offer are set forth in the table below. CUSIP / ISIN Nos. Outstanding Principal Amount Issuer Title of Security Purchase Price (1)(2) Consent Payment (1)(2) Total Consideration (1)92933B AK0 / US92933BAK08 $300,000,000 WMG Acquisition Corp 5.000% Senior Secured Notes due 2023 $986.23 $30.00 $1,016.23U97128 AF6 / USU97128AF66 (1) Per $1,000 principal amount of Notes and excluding Accrued Interest, which will be paid in addition to the Total Consideration or Purchase Price, as applicable, up to the applicable Payment Date (as defined below).(2) Included in Total Consideration. The tender offer will expire at 12:00 a.m., New York City time, on July 14, 2020, unless extended (such time and date...