Warner Music flexes $1.33 billion term loan to Libor plus 212.5 bps

By Sara Rosenberg

New York, May 18 – Warner Music Group (WMG Acquisition Corp.) increased pricing on its $1,326,000,000 covenant-light first-lien term loan due November 2023 to Libor plus 212.5 basis points from Libor plus 200 bps, according to a market source.

As before, the term loan has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Barclays, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Nomura and UBS Investment Bank are the lead arrangers on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 225 bps with a 0% Libor floor.

Warner Music is a New York-based music company.

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