WMG floats $650 mil in bonds

Coin to be used as part of $2.6 bil Bronfman buyout

NEW YORK — Newly independent Warner Music Group is hitting up the bond markets for some $650 million in high-yield debt, having earlier this week reduced the amount of money it had hoped to raise in its two-part, two-currency listing.

The bond offering will finance part of the $2.6 billion buyout of Warner by Edgar Bronfman Jr.’s consortium of private equity backers that include Bain Capital, Thomas H. Lee Partners and Providence Equity Partners.

On Thursday, the WMG Acquisition Corp. priced two tranches of 10-year senior notes: $465 million at 7.375% and £100 million ($185.6 million) at 8.125%.

Group originally had set out to raise $800 million in high-yield debt, but reportedly chose to scale down the size of the offering and instead increase its bank loan from $1 billion to $1.2 billion.

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