WMG Acquisition Corp. Announces Pricing of $550 Million Senior Secured Notes Offering
August 06 2020 - 3:45PM
Warner Music Group Corp. (“Warner Music Group” or “WMG”) today
announced that through its wholly owned subsidiary, WMG Acquisition
Corp. (the “Company”), it has priced a private offering (the
“Offering”) of $550 million aggregate principal amount of 3.000%
Senior Secured Notes due 2031 (the “Notes”). The Offering is
expected to close on August 12, 2020, subject to customary closing
conditions.
The Notes have been offered and sold in a private offering
exempt from the registration requirements of the United States
Securities Act of 1933, as amended (the “Securities Act”).
The Notes have been offered and sold only to qualified
institutional buyers pursuant to Rule 144A and to certain persons
outside the United States pursuant to Regulation S, each under the
Securities Act. The Company intends to use the proceeds of the
Offering to repay a portion of its senior term loan facility, to
pay certain other related fees and expenses and to use any
remaining net proceeds for working capital and other general
corporate purposes.
The Notes have not been registered under the Securities Act and
may not be offered or sold within the United States absent
registration or an applicable exemption from the registration
requirements.
This press release is for informational purposes only and is not
an offer to sell or purchase nor the solicitation of an offer to
sell or purchase securities and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which, or to
any person to whom such an offer, solicitation or sale would be
unlawful.
About Warner Music Group
With a legacy extending back over 200 years, Warner Music Group
(WMG) today brings together artists, songwriters and entrepreneurs
that are moving entertainment culture across the globe. Operating
in more than 70 countries through a network of affiliates and
licensees, WMG’s Recorded Music division includes renowned labels
such as Asylum, Atlantic, Big Beat, Canvasback, Elektra, Erato,
First Night, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino,
Roadrunner, Sire, Spinnin’, Warner Records, Warner Classics and
Warner Music Nashville. WMG’s music publishing arm, Warner
Chappell Music, has a catalog of more than 1.4 million musical
compositions spanning every musical genre, from the standards of
the Great American Songbook to the biggest hits of the 21st
century. Warner Music Group is also home to ADA, the independent
artist and label services company, as well as consumer brands such
as Songkick the live music app, EMP the merchandise e-tailer, and
UPROXX the youth culture destination.
This communication includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The forward-looking statements contained herein involve
risks and uncertainties that could cause actual results to differ
materially from those referred to in the forward-looking
statements. More information about Warner Music Group and other
risks related to Warner Music Group are detailed in Warner Music
Group’s most recent annual report on Form 10-K and its quarterly
reports on Form 10-Q and current reports on Form 8-K as filed with
the Securities and Exchange Commission. Warner Music Group does not
undertake an obligation to update forward-looking statements.
Warner Music Group maintains an Internet site at
www.wmg.com. Warner Music Group uses its website as a channel
of distribution of material Company information. Financial
and other material information regarding Warner Music Group is
routinely posted on and accessible at
http://investors.wmg.com. In addition, you may automatically
receive email alerts and other information about Warner Music Group
by enrolling your email address through the “email alerts” section
at http://investors.wmg.com. Warner Music Group’s website and
the information posted on it or connected to it shall not be deemed
to be incorporated by reference into this communication.
Additional factors that may affect future results and conditions
are described in Warner Music Group’s filings with the SEC, which
are available at the SEC’s web site at www.sec.gov or at Warner
Music Group’s website at www.wmg.com.
SOURCE: WMG
Media Contact:James Steven(212) 275-2213James.Steven@wmg.com
Summer Wilkie(212) 275-3921Summer.Wilkie@wmg.com
Sard Verbinnen & CoWMG-SVC@SARDVERB.com
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