Report: Investors Back $495M Refinancing Plan for EMI

Authored by Mark Hefflinger on July 30, 2009 - 8:14am.

London - Major record label EMI is set to receive $495 million in equity, through a deal worked out by parent company Terra Firma and its investors as a means of refinancing EMI's $4.3 billion debt, the Financial Times reported. Terra Firma, which acquired EMI for about $4.7 billion in 2007, is said to be working with Barclays, JP Morgan and Morgan Stanley on a plan to raise equity to repay Citigroup -- which helped finance Terra Firma's acquisition.

A person familiar with the high-yield bond plan told FT that the deal is still "months away from being completed," and could become part of a more comprehensive financing for EMI.

http://www.terrafirma.com

http://www.emi.com