Warner Music unit WMG extends revolver with Credit Suisse to 2021

By Susanna Moon

Chicago, June 14 – Warner Music Group Corp.’s wholly owned subsidiary WMG Acquisition Corp. extended its revolving credit facility with Credit Suisse AG as administrative agent to April 1, 2021, according to an 8-K filed with the Securities and Exchange Commission.

The company said it obtained unanimous lender consent on June 13 to amend the revolving credit agreement dated Nov. 1, 2012.

The amendment extends the maturity of the facility, provided that if more than $400 million principal amount of term loans with Credit Suisse as administrative agent and the company’s 6% dollar and 6¼% euro senior secured notes due 2021 are outstanding on March 2, 2020, the maturity date will be extended to April 1, 2020.

The terms also replace the financial covenant with a flat senior secured leverage ratio with no step-down, applicable only when the revolver is drawn in excess of a certain amount at the end of a quarter.

Warner is a New York-based music content company.

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