Warner Music $465 million notes talked 7½% area, £100 million notes talked 81/4-8½%

By Paul A. Harris

St. Louis, March 30 - Price talk emerged Tuesday on WMG Acquisition Corp.'s two-tranche offering of 10-year senior subordinated notes (B3/B-), according to a syndicate source who added that books will close at the end of the day Wednesday and the deal will price on Thursday.

Price talk is in the area of 7½% on the $465 million (from $615 million) tranche. And talk is 8¼% to 8½% on the £100 million tranche.

Deutsche Bank Securities, Banc of America Securities, Lehman Brothers, and Merrill Lynch & Co. are bookrunners on the Rule 144A/Regulation S offering.

Proceeds will be used to help fund the acquisition of Warner Music Group from Time Warner by Thomas H. Lee Partners, Edgar Bronfman's Music Capital Partners, Bain Capital, and Providence Equity Partners.

The issuer is a global music company with headquarters in New York City.

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