By Paul A. Harris
Portland, Ore., May 26 – EMI Publishing Group North America Holdings Inc. priced a $350 million issue of eight-year senior notes (B3/B) at par to yield 7 5/8% on Thursday, according to an informed source.
The yield printed in the middle of the 7½% to 7¾% yield talk.
Goldman Sachs & Co. was the left bookrunner. UBS Investment Bank was the joint bookrunner.
The London-based music publishing company plans to use the proceeds plus cash on hand to redeem its 12½% senior notes due 2020.
| Issuer: | EMI Music Publishing Group North America Holdings Inc.
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| Amount: | $350 million
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| Maturity: | June 15, 2024
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| Securities: | Senior notes
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| Left bookrunner: Goldman Sachs & Co.
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| Joint bookrunner: | UBS Investment Bank
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| Coupon: | 7 5/8%
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| Price: | Par
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| Yield: | 7 5/8%
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| Spread: | 590 bps
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| Call: | Make-whole call until June 15, 2019, then callable at 105.719
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| Trade date: | May 26
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| Settlement date: | June 3
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| Ratings: | Moody's: B3
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| Standard & Poor's: B
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 7½% to 7¾%
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| Marketing: | Roadshow
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