Warner Music finalizes $325 million term loan at par issue price

By Sara Rosenberg

New York, March 3 – Warner Music Group (WMG Acquisition Corp.) firmed the issue price on its fungible $325 million incremental covenant-lite first-lien term loan due January 2028 at par, the tight end of the 99.875 to par talk, according to a market source.

Pricing on the incremental term loan is Libor plus 212.5 basis points with a 0% Libor floor, in line with existing term loan pricing.

The term loan has 101 soft call protection through July.

Expected term loan ratings are Ba3/BB.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Proceeds will be used to refinance existing senior notes.

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

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