Warner Music Group is trading old debt for new debt with a better interest rate and later due date. The music company is conducting a private offering for $535 million of senior secured notes due in 2030 that it expects to close June 29, it was announced Tuesday (June 16).
At the same time, Warner wants to use the proceeds to purchase $300 million of new senior secured notes due in 2023.If Warner sells $535 million notes due in 2030 to redeem $300 million of notes due in 2023, it would replace a 5% interest rate with 3.875%.
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