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Warner Music talks $978.5 million covenant-light loan with 275 bps spread at 99 to 99.5
By Paul A. Harris
Portland, Ore., Oct. 17 – WMG Acquisition Corp. (Warner Music Group Corp.) talked its $978,500,000 covenant-light first-lien term loan due November 2023 (Ba3/B) with a 275 basis points spread to Libor atop a 1% Libor floor at 99 to 99.5 original issue discount, according to a market source.
Commitments are due at 5 p.m. ET on Wednesday.
The deal features 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC is the lead.
The New York-based music company plans to use the proceeds to refinance debt.
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