Warner Music revises $1.3 billion term loan maturity, OID talk

By Sara Rosenberg

New York, Jan. 12 – Warner Music Group (WMG Acquisition Corp.) is now seeking a $1.295 billion seven-year term loan B instead of a $1.295 billion term loan B due January 2028, according to a market source.

Also, the original issue discount talk on the term loan was changed to a range of 99.5 to 99.75 from a range of 99.75 to par, the source said.

The term loan is still talked at SOFR plus 200 basis points with a 0% floor and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Commitments are due at noon ET on Jan. 19, revised from an original deadline of 5 p.m. ET on Jan. 16, the source added.

Proceeds will be used to refinance an existing term loan due 2028 that is priced at SOFR+ARRC CSA plus 212.5 bps with a 0% floor, as opposed to repricing the existing term loan as originally proposed.

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

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