WMG companies solicit consents for two note series to allow more debt

By Susanna Moon

Chicago, Oct. 22 - WMG Acquisition Corp., a wholly owned subsidiary of Warner Music Group Corp., and WMG Holdings Corp., the parent company of WMG and a direct subsidiary of Warner Music, began a consent solicitation for WMG's outstanding 11½% senior notes due 2018 and for WMG Holdings' 13¾% senior notes due 2019.

Each company is seeking consents to amend the notes to allow incurring more debt, according to a press release by Warner Music. Holders must be of record as of 5 p.m. ET on Oct. 19.

Holders who deliver their consents will receive a payment of $10.00 per $1,000 principal amount of notes if the company receives the needed approval to amend the notes.

Consents may be revoked by the earlier of the date that the supplemental indenture is executed or the end of the solicitation at 5 p.m. ET on Oct. 29.

Credit Suisse Securities (USA) LLC (800) 820-1653 or 212 538-1862) is the solicitation agent. D.F. King & Co., Inc. (800 848-3416 or banks and brokers 212 269-5550) is the information agent.

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

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