Warner looks to save $30m annually in debt refinancing

Warner Music Group is hoping to save $30 million a year in lower interest rates after refinancing its debt. The move will, however, increase the company’s total debt by $170m to $3.1bn. According to Moody’s Investors Service, WMG will issue $935 million in notes in total – $275m in senior secured notes and $660m in senior unsecured notes.

Although Warner Music Group VP and CFO Brian Roberts resigned on Tuesday, he will stay with the company until the end of its financial year on September 30. Billboard reports that Roberts will oversee the debt restructuring.

This is the third time that WMG parent Access Industries has refinanced the company’s debt.

Source: Music Week