Warner Music Group Corp. said Tuesday that it will offer $500 million in senior notes and use the net proceeds to repay a portion of its existing debt, part of a plan to get its lenders to improve their debt terms.

The music recording and publishing company, with headquarters in Los Angeles and New York, said in a regulatory filing that the notes, due in 2016, will be offered through its WMG Acquisition Corp. subsidiary.

Warner Music, which earlier this month reported its second quarter net loss had nearly doubled to $68 million, wants lenders to extend the maturity of some loans and amend agreements which will give Warner “greater flexibility” to incur additional debt.

Among the changes the company wants is more flexibility in maintaining certain debt-to-earnings ratios. Remaining within current credit agreements has become more difficult for many music companies that have been hit by falling sales and increased piracy.

Warner Music shares were up 29 cents, or 5 percent, to $5.69 in midday trading on the New York Stock Exchange.