Warner Music launches $150 million term loan at SOFR plus 300-325 bps

By Sara Rosenberg

New York, Sept. 19 – Warner Music Group (WMG Acquisition Corp.) launched on Monday morning without a lender call a non-fungible $150 million incremental first-lien term loan due Jan. 20, 2028 (Ba3/BB+) that is talked at SOFR plus 300 basis points to 325 bps with a 0.5% floor and an original issue discount of 97, according to a market source.

The incremental term loan has 101 soft call protection for six months, the source said.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments are due at noon ET on Tuesday, the source added.

Proceeds will be used to fund deferred consideration owed in connection with a 2021 acquisition and for general corporate purposes.

Warner Music is a New York-based music entertainment company.

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