New Issue: EMI Group upsizes 10-year notes to €425 million, yield 8 5/8%

By Paul A. Harris

St. Louis, Sept. 29 - EMI Group plc priced an upsized split-rated offering of €425 million senior notes due Oct. 15, 2013 (Ba1/BBB-) at par Monday to yield 8 5/8%, according to a syndicate source.

Price talk was for a yield of 8¾%-9%. The deal was increased from €300 million.

Royal Bank of Scotland was the physical bookrunner on the Rule 144A/Regulation S (with no U.S. registration rights) deal. Barclays Capital and Citigroup were also bookrunners.

Proceeds will be used to refinance existing debt.

The issuer is a London-based recording company.

Issuer:	EMI Group plc
Amount:	€425 million
Maturity:	Oct. 15, 2013
Security description:	Senior notes
Bookrunners:	Royal Bank of Scotland, Barclays Capital, Citigroup
Coupon:	8 5/8%
Price:	Par
Yield:	8 5/8%
Spread:	458 basis points
Call features:	Callable after Oct. 15, 2008 at 104.313, then 102.875, 101.438, declining to par on Oct. 15, 2011 and thereafter
Equity clawback:	Until Oct. 15, 2006 for 35% at 108.625
Settlement date:	Oct. 3
Ratings:	Moody's: Ba1
	Standard & Poor's: BBB-
Price talk:	8¾%-9%

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