Warner Music Group is conducting a private offering to purchase senior notes due in 2023 with funds from sales of senior notes at a better interest rate due seven years later.
The music company is conducting a private offering to purchase senior notes due in 2023 with funds from sales of senior notes at a better interest rate due seven years later.
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%. On $300 million of principal, the difference in rates of 1.125% equals $3.375 million of interest saved annually. Also, the later due date allows Warner to lock in a low interest rate for the next decade.
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