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Moody’s gives B3 to WMG notes
Moody's Investors Service said it assigned a B3 rating to WMG Acquisition Corp.'s proposed $325 million senior unsecured notes.
In connection with this issuance, WMG Acquisition plans to raise a $320 million add-on to the existing $1,006,000,000 senior secured term loan due 2023. Proceeds from the combined debt raise will be used to prepay the $635 million outstanding 6¾% senior notes due April 2022 via the call feature.
The outlook is stable.
WMG Acquisition is a wholly owned subsidiary of WMG Holdings Corp., which in turn is a wholly owned subsidiary of Warner Music Group Corp.
The term loan add-on will be executed via an amendment under the existing credit agreement.
Upon repayment of the 6¾% notes, Moody's said it will withdraw the rating.
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