Warner Music pricing may tempt US HY issuers to euro market
Warner Music Group, the New York-based music publisher, sold its first bond in euros this week, as pricing in Europe’s high yield market keeps moving closer to what borrowers can obtain in the more mature US market.
The companys eight year senior secured bond, set to be rated Ba2/BB-, comprised a 175m tranche with a 6.25% coupon, alongside $500m of 6% notes. The non-call three notes came from special purpose vehicle WMG Acquisition Corp, itself rated B3/B+.
"The deal went very well both the US
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