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Warner Music sets price talk in $630 million equivalent two-part secured notes offering
By Paul A. Harris
Portland, Ore., Oct. 12 – Warner Music Group Corp. set price talk in its $630 million equivalent offering of eight-year senior secured notes (expected ratings Ba3/B), according to a syndicate source.
A €340 million tranche is talked to yield in the 4¼% area. Books close at 7 a.m. ET on Thursday, and the tranche is set to price thereafter.
A $250 million tranche is talked to yield in the 4 7/8% area. Books close at 1 p.m. ET on Thursday, and the tranche is set to price thereafter.
Credit Suisse Securities (USA) LLC is the lead left bookrunner for the Rule 144A and Regulation S offering. Barclays, UBS Investment Bank, Macquarie Capital and Nomura are joint bookrunners.
The notes come with three years of call protection and feature a 101% poison put.
The issuing entity will be wholly owned subsidiary WMG Acquisition Corp.
The New York-based music company plans to use the proceeds to refinance its 6¼% senior secured notes due 2021 and 6% senior secured notes due 2021.
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