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Prospect News home > News index > List of issuers W > Headlines for WMG Acquisition Corp. > News item |
S&P gives WMG Acquisition loan BB
S&P said it assigned its BB issue-level rating and 3 recovery rating to WMG Acquisition Corp.'s planned $820 million senior secured term loan due 2028. The 3 recovery rating indicates an estimate for meaningful (50%-70%; rounded estimate: 60%) recovery in default.
The company will use the proceeds to refinance its senior secured term loan due 2023 ($820 million outstanding).
“We expect the transaction to extend the company's maturity without materially affecting its leverage or interest burden,” S&P said in a press release.
S&P’s issuer rating for the company is BB with a stable outlook.
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