EMI Closes Debt Restructure
EMI Group plc announced late last week that it has completed the restructuring of its debt with a private placement of $180 million of senior notes.
The London-based major says the placing--which consisted of $155 million in seven-year notes and $25 million in 10-year
notes--was with three major U.S. insurance companies and pension funds.
"This financing completes the restructuring of EMI's debt," says EMI CFO Roger Faxon in a statement to the London stock exchange. "It provides us with an appropriate structure to support the continued development of the group and demonstrates the confidence that the debt markets have in EMI."
Stock in EMI rallied Friday to close up 6.50p at 178p.
The London-based major says the placing--which consisted of $155 million in seven-year notes and $25 million in 10-year
"This financing completes the restructuring of EMI's debt," says EMI CFO Roger Faxon in a statement to the London stock exchange. "It provides us with an appropriate structure to support the continued development of the group and demonstrates the confidence that the debt markets have in EMI."
Stock in EMI rallied Friday to close up 6.50p at 178p.
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