Warner Music’s WMG redeems remaining 6¾% notes due 2022

New York, April 16 – Warner Music Group Corp. subsidiary WMG Acquisition Corp. redeemed its $111,768,000 of 6¾% senior notes due 2022 on April 15, according to a notice.

The company paid 103.375% of par plus accrued interest.

WMG’s redemption of the notes follows a previous tender offer and consent solicitation.

Before the transactions started, there was $634,863,000 principal amount of the notes outstanding.

The tender and consent solicitation began on Feb. 28 and the company subsequently announced that it received sufficient consents to eliminate substantially all of the restrictive covenants, some events of default and other provisions.

The company launched the consent solicitation on Feb. 28, along with a tender offer for the notes.

Holders who tendered their notes and delivered consents by the consent deadline, 5 p.m. ET on March 13, were offered a total consideration of $1,037.50 per $1,000 principal amount, which included a $30.00 consent payment.

Holders who tendered after that deadline received the total consideration less $30.00 per $1,000 principal amount.

The tender offer expired at midnight ET on March 27.

Credit Suisse Securities (USA) LLC (212 538-1862 or 800 820-1653) was the dealer manager for the tender offer and consent solicitation.

D.F. King & Co., Inc. (800 347-4826 or wmg@dfking.com) is the information agent and tender agent.

Warner is a New York-based music content company.

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