Moody's: EMI Music loans Ba3

Moody's Investors Service said it assigned a B1 corporate family rating and probability of default rating to EMI Music Publishing. Moody's also assigned Ba3, LGD3 - 33% ratings to the company's proposed $75 million senior secured first-lien revolver and $1.05 billion senior secured first-lien term loan.

The outlook is stable.

The proposed credit facilities are being issued along with $505 million senior notes to partially fund the acquisition of EMI MP for a total of $2.2 billion by an investor group led by Sony Corp. of America and Mubadala Development Co. PJSC, as well as to refinance EMI MP's existing debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.