EMI buys back 96% of its €425 million 8 5/8% notes in tender

By Susanna Moon

Chicago, Sept. 19 - EMI Group plc said investors tendered about 96% of its outstanding €425 million 8 5/8% senior notes due 2013.

The tender offer for the 8 5/8% notes expired at 10 a.m. ET on Tuesday. The offer began on Aug. 17. The final payment date is expected to be Friday.

The company said it paid €1,084.52 per €1,000 principal amount of notes, including a consent fee of €30.00, for notes tendered by the consent deadline on Aug. 31. The payment date was Sept. 7.

For notes tendered after the consent deadline but before the expiration date, the payout will be €1,054.52 per €1,000 principal amount of notes.

Noteholders will also receive accrued interest until the payment date.

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%.

As of the consent deadline, investors had tendered €396.51 million, or 93%, of the 8 5/8% notes.

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

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

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