Before this question can be answered satisfactorily, some details have to be clarified in the form of counter-questions:
What is the volume of the considered rock body? What kind of sedimentary rock is meant? How is the metamorphic grade? Which water type is meant exactly: hydration water ?, H2O and / or OH in the crystal lattice? fluid inclusions (brine)? water in pores? water in fissures? Water in joints?
It depends on different parameters and factors such as the type of host rock and the grade of metamorphism. As you know different rock types contain different amounts of water or fluid phase. For example sedimentary rocks usually contain higher amounts of water whereas mafic igneous rocks show lower levels of water. On the other side, in a metamorphic environment we deal with different water types including meteoric waters, magmatic waters, Fossil waters, and waters in the structure of minerals. So, considering to the level of metamorphism, different amounts of water can be released.
Water can be either taken up or given up by minerals during metamorphism. Is this thermal, dynamic or thermodynamic metamorphism? What is the metamorphic grade, temperature and pressure? What is the “bulk rock composition”, it doesn’t matter so much the rock type as the chemical composition? And as Guenter has pointed out, what type of water are we discussing? I’m assuming we are discussing bound water, hydration water?
What actually happens depends on the type and grade of metamorphism and the bulk rock composition of the sediment. For example, very mature dry quartz sandstone will produce a quartzite. Water will be neither be taken up or expelled, no matter how you metamorphose it. A less mature sediment with mostly quartz and feldspars may produce cordierite which takes up water and so on. Under other conditions sediments containing micas water can be driven off.