By Paul A. Harris
Portland, Ore., June 17 – Warner Music Group Corp. priced a €325 million issue of eight-year senior secured notes (BB) at par to yield 2¾% on Wednesday, according to a market source.
The yield printed at the tight end of the 2¾% to 3% yield talk.
The notes were sold via WMG Acquisition Corp.
The New York City-based record label and entertainment conglomerate plans to use the proceeds to refinance its 5% dollar-denominated senior secured notes due 2023 and its 4 1/8% euro-denominated senior secured notes due 2024.
The issuer priced a $535 million tranche of 3 7/8% notes due 2030 on Tuesday as part of the same refinancing.
| Issuer: | WMG Acquisition Corp.
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| Amount: | €325 million
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| Maturity: | July 15, 2028
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| Securities: | Senior secured notes
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| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
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| Coupon: | 2¾%
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| Price: | Par
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| Yield: | 2¾%
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| Spread: | 326 bps
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| First call: | July 15, 2023 at 101.375
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| Trade date: | June 17
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| Settlement date: | June 29
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| Rating: | S&P: BB
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 2¾% to 3%
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