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?