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S&P rates WMG notes B
S&P said it assigned a B issue-level rating and 5 recovery rating to Warner Music Group Corp. subsidiary WMG Acquisition Corp.'s proposed $325 million senior unsecured notes due 2026.
The 5 recovery rating indicates an expectation of modest (10% – 30%; weighted average: 15%) recovery of principal in the event of a payment default.
The company plans to issue an additional $320 million fungible add-on to its existing term-loan facility. The agency said the B+ issue-level rating and 3 recovery rating are unaffected by the add-on.
The 3 recovery rating indicates an expectation of meaningful (50%-70%; weighted average: 60%) recovery.
WMG Acquisition plans to use the net proceeds from the issuances to fully redeem its outstanding $635 million senior unsecured notes.
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