Warner Music Group has announced that it is refinancing part of the $2.21 billion debt taken by parent Access Industries to finance its acquisition in 2011.

A regulatory filing shows that the company has commenced separate tender offers to purchase any and all of the outstanding debt securities listed in the table below for cash.

There are two debts totaling $1.25 billion: $150 million and $1.1 billion in secured notes paying 9.5% in interest and due to mature in 2016.