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Warner Music launches $1 billion term loan at Libor plus 225 bps
By Sara Rosenberg
New York, Nov. 28 – Warner Music Group (WMG Acquisition Corp.) held a lender call at 11 a.m. ET on Tuesday to launch a $1,006,000,000 covenant-light first-lien term loan due November 2023 that is talked at Libor plus 225 basis points with a 0% Libor floor and a par issue price, according to a market source.
The term loan includes 101 soft call protection for six months, the source said.
Credit Suisse Securities (USA) LLC is the lead arranger on the deal.
Proceeds will be used to reprice an existing term loan down from Libor plus 250 bps with a 0% Libor floor.
Commitments are due at 5 p.m. ET on Thursday, the source added.
Expected term loan ratings are Ba3/B+.
Warner Music is a New York-based music company.
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