EMI Music to launch $1.17 billion credit facility on Thursday

By Sara Rosenberg

New York, June 29 – EMI Music Publishing is scheduled to hold a lender call at 10:30 a.m. ET on Thursday to launch a $1.17 billion credit facility, according to a market source.

UBS AG and Goldman Sachs Bank USA are the bookrunners on the deal.

The facility consists of a $50 million five-year revolver and a $1.12 billion seven-year first-lien term loan, the source said.

Included in the term loan is a 1% Libor floor, 101 soft call protection for six months and a maximum total net leverage covenant, the source added.

Proceeds will be used to refinance existing debt, to pay a dividend and to add cash to the balance sheet for future debt repayment.

EMI Music is a New York-based music publisher.

© 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.