WMG Plans $338M In Major Music Acquisitions
Warner Music Group revealed that its subsidiary WMG Acquisition Corp has raised more than $250 million in capital to help fund a pair of acquisitions worth a total of $338 million.
One of the acquisitions was completed in early October, and an agreement “in principle” has been reached for the second acquisition, Warner said in financial filings on Monday.
While Warner has not fully shared the details of the acquisition, including exactly what they have purchased, they identified the acquisitions as “certain musical assets”.
WMG Acquisition Corp raised capital through a private offering of $250 million of Senior Secured Notes at 3.000% that come due on 2031. The initial 3.000% Senior Secured Notes due 2031 were issued in an aggregate principal amount of $550 million on August 12, 2020, WMG said.
Warner cautioned investors that the deal was still subject to negotiation, execution and delivery and is not guaranteed to close.
Bruce Houghton on 10/20/2020 inMajor Labels
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