Business
WMG Acquisition Corp. Announces Pricing of $535 Million Offering of Senior Secured Notes
NEW YORK, June 16, 2020 (GLOBE NEWSWIRE) -- Warner Music Group Corp. (“Warner Music Group” or “WMG”) announced today that its wholly-owned subsidiary, WMG
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”) announced today that its wholly-owned subsidiary, WMG Acquisition Corp. (the “Company”), has priced $535,000,000 aggregate principal amount of 3.875% senior secured notes due 2030 (the “Notes”). The offering is expected to close on June 29, 2020, subject to customary closing conditions.\n The Company intends to use the net proceeds of the offering, together with the net proceeds from the potential offering of euro-denominated notes and cash on hand, to fund (i) the purchase price of any and all of the Company’s outstanding 5.000% senior secured notes due 2023 tendered and accepted by the Company in its previously announced tender offer and consent solicitation that commenced on June 16, 2020, (ii) the conditional redemption of any remaining 5.000% senior secured notes due 2023 expected to be called for redemption on or after August 1, 2020 and (iii) the conditional redemption of all of the Company’s outstanding 4.875% senior secured notes due 2024 and 4.125% senior secured notes due 2024 which have been called for redemption on June 30, 2020. In the event that the conditions specified in any notice of redemption are not satisfied, such redemption will not occur. The Notes are being 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 are being 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 Notes will not be and have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This announcement is not an offer to purchase, a solicitation of an offer to sell or purchase, or a solicitation of an offer to sell or purchase securities with respect to the Notes 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. The tender offer and consent solicitation are only being made pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement and the r...