- Warner Music Group Corp WMG subsidiary WMG Acquisition Corp has commenced a private offering of euro-denominated senior secured notes. The offer size was not disclosed.
- WMG Acquisition will use the offering proceeds with cash on hand to fund the conditional redemption of its outstanding 3.625% senior secured notes due 2026 due for redemption on Aug. 16.
- Warner Music recently reported a Q2 revenue beat aided by digital revenue strength.
- Warner Music held $3.4 billion in total debt as of Jun. 30. It had a cash balance of $442 million.
- The stock has lost 4.3% year-to-date.
- Price action: WMG shares closed lower by 2.65% at $36.36 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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