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Warner Music unit WMG gets consents to amend 6¾% notes due 2022
By Wendy Van Sickle
Columbus, Ohio, March 13 – Warner Music Group Corp. subsidiary WMG Acquisition Corp. has received the requisite consents to amend the indenture of its 6¾% senior notes due 2022 to eliminate substantially all of the restrictive covenants, some events of default and other provisions, according to a Tuesday press release.
The company launched the consent solicitation on Feb. 28, along with a tender offer for the notes.
By 1 p.m. ET on March 13, the company said it had received consents to the amendments from holders of at least a majority of the outstanding $634,863,000 principal amount of the notes, enough to effect the amendments.
Holders who tendered their notes and delivered consents by the consent deadline, 5 p.m. ET on March 13, were offered a total consideration of $1,037.50 per $1,000 principal amount, which included a $30.00 consent payment.
Holders who tender after that deadline will receive the total consideration less $30.00 per $1,000 principal amount.
The deadline to withdraw tenders has passed.
The tender offer will expire at midnight ET on March 27.
Credit Suisse Securities (USA) LLC (212 538-1862 or 800 820-1653) is the dealer manager for the tender offer and consent solicitation.
D.F. King & Co., Inc. (800 347-4826 or wmg@dfking.com) is the information agent and tender agent.
Warner is a New York-based music content company.
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