Warner Music flexes $820 million term loan to Libor plus 212.5 bps

By Sara Rosenberg

New York, Jan. 12 – Warner Music Group (WMG Acquisition Corp.) lowered pricing on its $820 million seven-year covenant-lite first-lien term loan (Ba3/BB) to Libor plus 212.5 basis points from talk in the range of Libor plus 225 bps to 237.5 bps, according to a market source.

In addition, the original issue discount on the term loan was tightened to 99.875 from talk in the range of 99.625 to 99.75, the source said.

As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.

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

Commitments were scheduled to be due at 5 p.m. ET on Tuesday, accelerated from noon ET on Wednesday, the source added.

Proceeds will be used to refinance an existing term loan.

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

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