Warner Music launches $820 million loan at Libor plus 225-237.5 bps

By Sara Rosenberg

New York, Jan. 11 – Warner Music Group (WMG Acquisition Corp.) was scheduled to hold a lender call at 11 a.m. ET on Monday to launch an $820 million seven-year covenant-lite first-lien term loan that is talked at Libor plus 225 basis points to 237.5 bps with a 0% Libor floor and an original issue discount of 99.625 to 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

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 an existing term loan.

Commitments are due at noon ET on Wednesday, the source added.

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

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