Terra Firma plans bond issue to pay EMI debt | Hedge Funds | Alternative Investments
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Terra Firma plans bond issue to pay EMI debt
 
  Hedgeweb - FRI, JUL 17 2009
Funds & Investment Blackstone is advising its rival Terra Firma on a plan to issue high-yield bonds to repay Citigroupâ??s £2.6bn of loans to music group EMI, one of the US bankâ??s biggest single exposures.

The move would replace loans maturing in 2014 with longer-dated bonds with fewer covenants imposing strict conditions on performance and financing.

JPMorgan and Morgan Stanley are in talks with Terra Firma, which bought EMI for £4bn at the peak of the debt bubble in 2007, about underwriting the bond issue.

 
 
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