Warner Music Group to repay in full and terminate its senior secured credit facility

By Sara Rosenberg

New York, May 20 - Warner Music Group Corp. is repaying in full and terminating its revolving credit facility and term loan, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Funds for the repayment are coming from the company's upsized $1.1 billion notes offering and about $335 million in existing cash.

Since the credit facility is being taken out, the company's proposed amendment that would have extended the term loan maturity in exchange for higher pricing has been canceled.

Warner Music is a New York-based music content company.

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