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WMG Balances the Books

BALANCING THE BOOKS: In the wake of their restructuring this week (see related HITS story here), Warner Music Group has completed a refinancing to reduce its annual interest payments by around $43 million, according to reports. The company is also making partial principal repayments and has negotiated an additional flexibility to raise new funds, with speculation they are ready to make a run at some of the UMG divestments, including Parlophone, as part of the EMI deal. WMG’s new loans have reduced its annual interest payments from $227.5 million to $184 million, even though that will be 75% offset by principal payments, which will reduce the total savings to about $13 million annually. WMG also negotiated a $150 million line of revolving credit. Credit Suisse, Barclays, UBS Investment Bank, Macquarie Capital and Nomura were the banks involved, joined for the Euro notes by Wells Fargo. Brother, can you spare a billion? (11/9p)

SONG REVENUE:
’TIS THE SEASON
It's the most wonderful time of the year. (12/8a)
MEDIABASE ’22:
THE BIG RED #1
Red and Gray, more accurately (12/8a)
HIPGNOSIS' LATEST NUMBERS ARE REMERCKABLE
...and mesmerizing. (12/8a)
SWIFT, FUTURE LEAD 2022 RIAA TALLY
Of course they do. (12/8a)
GRAMMY NOMS:
THE LIST
For your consideration (12/6a)
GRAMMY HANDICAPPING
Who's likely to win in the major categories? We have no idea.
THE NEXT BIG PLAYER
in the catalog game is...
TRUMP CORP II
Totally less fraudulent than Trump Corp.
IS IT CHRISTMAS YET?
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