OREANDA-NEWS. Warner Music Group Corp. today announced that, through its wholly owned subsidiary, WMG Acquisition Corp. (the “Company”), it has commenced cash tender offers to purchase any and all of the outstanding senior secured notes (the “Existing Notes”) listed below. 

(1)      Notes may be tendered and will be accepted for payment in denominations of €1,000 and any integral multiple of €1,000.

(2)      Per €1,000 principal amount of 6.250% Notes and excluding Accrued Interest, which will be paid in addition to the Consideration, up to the settlement date for the offer.

(3)      Per $1,000 principal amount of 6.000% Notes and excluding Accrued Interest, which will be paid in addition to the Consideration, up to the settlement date for the offer.

The offers are made pursuant to an Offer to Purchase dated today and a related Letter of Transmittal and Notice of Guaranteed Delivery, which set forth the terms and conditions of the tender offers. 

The tender offers will expire at 5:00 p.m. New York City Time on October 17, 2016, unless extended. Holders of Existing Notes must validly tender and not validly withdraw their Existing Notes before 5:00 p.m. New York City Time on the tender offer expiration date to be eligible to receive the consideration for each series of Existing Notes.

The offer for each series of Existing Notes is conditioned upon the satisfaction of certain conditions, including the receipt by the Company of net proceeds from the one or more new debt financings on terms and conditions satisfactory to the Company in an amount sufficient to pay for all Existing Notes accepted for payment in the tender offers. No offer is conditioned upon any minimum amount of Existing Notes being tendered or the consummation of the other offer. Each offer may be amended, extended, terminated or withdrawn separately.  The Company currently intends to issue on the settlement date conditional notices of redemption for all of both series of Existing Notes that are not accepted for purchase in the tender offers.  The Company currently expects the redemption date for each series of Existing Notes to be on or after January 15, 2017 at the then-applicable redemption price of 103.125% and 103.000%, for the 6.250% notes and 6.000% notes, respectively.  This press release is not a notice of such redemption.   

The Company has retained Credit Suisse Securities (USA) LLC to serve as the Dealer Manager for the tender offers. Questions and requests for assistance regarding the tender offers should be directed to Credit Suisse Securities (USA) LLC at +1 (212) 538-1862 / +44 20 7883 8763 (collect) or 1 (800) 820-1653 (toll free).

The Company has also retained D.F. King & Co., Inc. to serve as the Information and Tender Agent for the tender offers.