News & Events

The Firm recently represented Warner Music Group in connection with the offering by its subsidiary, WMG Acquisition Corp., of $1.1 billion aggregate principal amount of 9.50% Senior Secured Notes due 2016 and the related repayment and termination of the facilities under WMG's senior secured credit agreement. The offering was upsized from $500 million as a result of strong investor demand, which enabled WMG to use the proceeds of the offering, plus approximately $335 million of existing cash, to repay in full all amounts due under its existing senior secured credit facility. In connection with the repayment, WMG also terminated the revolving credit facility under its credit agreement. The credit facilities were to mature in early 2011 and, as a result of the repayment, WMG eliminated its near-term maturities and has no debt maturities until 2014. WMG is sponsored by THLee, Bain Capital and Providence Equity.

WMG is one of the world's major music content companies and provides recorded music and music publishing services worldwide.

The Simpson Thacher team included Ed Tolley, Chris Frigon and Jon Strom (Capital Markets & Securities), Alden Millard, Nathan Chaney and Samantha Braunstein (Credit), Mardi Merjian and Julia Rubin (Real Estate), Lori Lesser and Marcela Robledo (Intellectual Property), Steve Todrys and Amie Broder (Tax), Rachel Berry and Eric Sarabia (Executive Compensation and Employee Benefits) and David Eisenberg and Jason Ewart (Equity Derivatives). Paralegal Billy McGuire also provided valuable assistance.