Warner Music Group amends senior term loan to replace LIBOR with SOFR benchmark

Warner Music Group Corp.

WMG Acquisition Corp. entered an Eleventh Amendment to its $1.295B senior term loan credit agreement.
Amendment replaces LIBOR-based rates with SOFR-based rates, effective June 1, 2023 or later.
No changes to borrowing amounts, maturity, or financial covenants; all guarantees and liens reaffirmed.
Existing Eurodollar loans remain outstanding until their current interest period ends.
Lenders did not object; amendment becomes effective after five business days and the SOFR Effective Date.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Warner Music Group Corp. amended Senior Term Loan Credit Agreement Amendment with Credit Suisse AG, as administrative agent (effective 2023-05-10).

Action: amendment
Agreement: credit facility
Counterparty: Credit Suisse AG, as administrative agent
Effective: 2023-05-10

Exact text from the filing

On May 10, 2023, WMG Acquisition Corp. (“Acquisition Corp.”), a subsidiary of Warner Music Group Corp., entered into an amendment (the “Senior Term Loan Credit Agreement Amendment”) to the senior term loan credit agreement, dated November 1, 2012

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Warner Music Group Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-140890

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