Warner Music Group stock fell another 1.8% in its second day of trading, closing at $16.10 today (May 12). The stock is down 90 cents from the $17 price tag it carried when it issued its IPO.

Warner Music Group stock fell another 1.8% in its second day of trading, closing at $16.10 today (May 12). The stock is down 90 cents from the $17 price tag it carried when it issued its IPO.

WMG is attempting to find its footing in a turbulent overall market. The Dow Jones Industrial Average -- a leading indicator of the health of the stock market -- has posted drops of more than 100 points on both May 10 and May 12.

While investors are closely following its story on the market, newly filed documents with the SEC show that the WMG has more on its plate than the stock offering. The IPO was only one part of a series of transactions that saw the WMG spend $998.7 million in total.

First off, the $554 million it raised through the IPO and $71 million in cash -- totaling $625 million -- will be used to pay down debt raised through three bond offerings on Dec. 23. WMG will buy back the $250 million floating rate notes (at a cost of $265 million); $200 million in pay-in-kind notes (at a cost of $209 million); and $100 million of $250 million in senior discount notes. It will also pay $37 million in fees and expenses related to the offering, and another $14 million in payments for general corporate purposes.

In addition, WMG is also dealing with $363.5 million in other transactions, including payment of $138 million to repurchase WMG warrants held by Time Warner; a $73 million termination fee to end the original investors' management agreement; and a $3 million transaction fee. It also paid out $133.5 million in dividends and bonuses to the original investment group, management, and employees -- $10 million of which is earmarked for general employees not owning stock in the company.

WMG also paid $16 million in other payments related to its debt transactions. In order to finance those payments, the company took on a new $250 million-term loan, and used another $113.5 million in corporate cash.

That leaves the WMG balance sheet with a total of $2.26 billion in debt consisting of the new loan and the original debt -- which was a $1.19 billion term loan and $658 million in bonds -- that was used to fund the investment group's acquisition of WMG.

Also on the balance sheet: $150 million that is still outstanding in senior discount notes, which is valued at $163 million if reflecting apparent accrued interest. This amount won't be paid until the bond matures.