WMG completes refinancing for lower interest payments
Warner Music Group has successfully completed a refinancing process that will substantially reduce the company’s interest payments.
Billboard estimates that the company’s interest payments will reduce by around $43 million annually. WMG is also making partial principal repayments and has negotiated more flexibility to raise funds if necessary.
Warner Music Group secured a $600 million senior secured term loan, maturing on November 1 2018, with annual interest payments of 5.25%.
The record company also issued $500 million in senior secured ...
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