Moody's: WMG loans, notes Ba2

Moody's Investors Service said it assigned Ba2 ratings to the proposed $150 million senior secured revolver, $630 million senior secured term loan and $635 million senior secured notes (a portion of which may be euro-denominated) to be issued by WMG Acquisition Corp.

Moody's also affirmed the Ba2 rating on the existing 9½% senior secured notes issued by WMG Acquisition Corp.; the B3 ratings on the existing senior notes issued by WMG Acquisition Corp. and HoldCo notes issued by WMG Holdings; and the B1 corporate family and probability of default ratings at WMG Holdings.

The outlook is stable.

New issue proceeds together with balance sheet cash are expected to be used to repay the 9½% senior secured notes at WMG Acquisition Corp. via a tender offer. In connection with this transaction, the company will retire the existing $60 million revolving credit facility.

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