Warner Music Plans $1.05 Billion Junk Bond Sale Before Buyout
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Warner Music Group Corp., the record company for artists including Frank Sinatra and Red Hot Chili Peppers, plans to sell $1.05 billion of high-yield bonds before its takeover by Len Blavatnik.
WMG Acquisition Corp. may sell $150 million of 9.5 percent senior secured notes due June 2016 that are an addition to existing bonds, and $695 million of senior debt maturing in October 2018, said a person with knowledge of the transaction. WMG Holdings Corp. plans to offer $200 million of senior bonds due in October 2019, said the person, who declined to be identified because terms aren’t set.