Warner Music to price $325 million eight-year notes on Wednesday

By Paul A. Harris

Portland, Ore., Feb. 28 – Warner Music Group plans to price a $325 million offering of eight-year senior notes (B3) in a quick-to-market Wednesday trade following a late-morning conference call with investors, according to an informed source.

Credit Suisse Securities (USA) LLC is the lead bookrunner.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The New York-based music content company plans to use the proceeds to repay debt.

The issuing entity will be WMG Acquisition Corp., a wholly owned subsidiary of Warner Music Group.

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