Warner Music Group Corp. Refinancing
3/14/2018

Davis Polk advised the joint book-running managers and the initial purchasers in a Rule 144A/Regulation S offering of $325 million principal amount of senior notes due 2026 of WMG Acquisition Corp., a subsidiary of Warner Music Group Corp.

Davis Polk also advised the dealer manager and consent solicitation agent on a tender offer for any and all of WMG Acquisition Corp.'s $635 million outstanding 6.750% senior notes due 2022 and consent solicitations for proposed amendments to the indenture governing such notes.

Davis Polk also advised the joint bookrunners, joint lead arrangers, and Credit Suisse AG as administrative agent and increasing lender in connection with WMG Acquisition Corp.’s $320 million incremental facility under its existing term loan credit facility.

With its broad roster of new stars and legendary artists, Warner Music Group is home to a collection of the best-known record labels in the music industry, including Asylum, Atlantic, Big Beat, Canvasback, East West, Elektra, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin’, Warner Bros., Warner Classics and Warner Music Nashville, as well as Warner/Chappell Music, one of the world’s leading music publishers, with a catalog of more than one million copyrights worldwide.

The Davis Polk capital markets team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associate Andrew J. Terjesen. The credit team included partner Jason Kyrwood, counsel David Hahn and associate Madeleine Vella. The tax team included partners Mario J. Verdolini and Lucy W. Farr and associates Tracy L. Matlock and Karen Li. All members of the Davis Polk team are based in the New York office.