Warner Music To Sell $1 Billion In Bonds
July 7, 2011 at 3:56 AM (PT)
It's been a busy week at WMG. YESTERDAY (NET NEWS 7/6), at a special meeting of stockholders held earlier TODAY (7/6), stockholders voted to adopt the previously announced merger agreement with AIRPLANES MUSIC LLC and AIRPLANES MERGER SUB, INC., affiliates of ACCESS INDUSTRIES, INC. Under the terms of the Merger Agreement, the Company’s stockholders will receive $8.25 per share in cash at the closing of the transaction.
This morning, THE WALL STREET JOURNAL reports, "WARNER MUSIC GROUP is expected to start selling its $1.045 billion bond to investors TODAY, according to KDP INVESTMENT ADVISORS. The high-yield bond issue comes ahead of the music company's buyout by ACCESS INDUSTRIES. Proceeds from the sale are expected to fund the merger agreement with AIRPLANES MUSIC LLC and AIRPLANES MERGER SUB INC., affiliates of ACCESS INDUSTRIES.