EMI prices tender offer for its €425 million 8 5/8% notes

By Susanna Moon

Chicago, Sept. 4 - EMI Group plc said it determined the payout on its tender offer for €425 million 8 5/8% senior notes due 2013.

The company said it would pay €1,054.52 per €1,000 principal amount of the notes, including a consent fee of €30.00 for notes tendered by the consent deadline. Pricing was set by the dealer manager at 8 a.m. ET on Sept. 4.

The total payout was based on a 4.092% reference security plus a fixed spread of 50 basis points, according to a press release. The tender offer yield is 4.54%.

Investors tendered €396,512,000, or 93% of the principal amount, of its €425 million 8 5/8% senior notes due 2013 by the consent deadline.

The consent solicitation expired at 10 a.m. ET on Aug. 31.

The company said it received the required consents to amend the indenture and that it would execute the supplemental indenture setting forth the proposed amendments.

The tender offer ends at 10 a.m. ET on Sept. 18. The offer began on Aug. 17.

The proposed amendments will not become effective until the notes are accepted for purchase.

EMI issued the €425 million 8 5/8% notes on Sept. 29, 2003.

The dealer manager is Citigroup Global Markets Ltd. (44 20 7986 8969). The tender agent is Citibank, NA (44 20 7508 3867).

EMI is a London-based recording company.

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