Interest Rate Comes Down On EMI Music Publishing Financing
February 21, 2012 at 3:50 AM (PT)
A report in THE NEW YORK POST says "the debt offering for the SONY-led $2.2 billion acquisition of EMI MUSIC PUBLISHING was more crowded than a BLACK EYED PEAS concert."
That turns out to be good news for investors, as sources tell THE POST, "that the anticipated interest rate on the bonds, expected just last NOVEMBER to be about 12%, will come in at roughly 5.5%. That could have positive ramifications for future media M&A deals, insiders said."
The SONY and UBS offering, closed last FRIDAY.
When completed, SONY will reportedly own a 38% stake in EMI MUSIC PUBLISHING.