EMI Securitization ‘Still In The Cards’

The securitization of EMI Group PLC’s music publishing assets has been put on hold indefinitely but is still in the offing, people familiar with the matter said.

  • 03 Dec 2007
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-- Cristina Pittelli

The securitization of EMI Group PLC’s music publishing assets has been put on hold indefinitely but is still in the offing, people familiar with the matter said. Ongoing credit turmoil has halted the fundraising plan meant to finance Terra Firma Capital Partners’ acquisition of the corporation. But an official at Citigroup, an adviser to EMI, told TS that despite the hold, securitization is “still in the cards.” The story of the deal being shelved was first reported today by Dow Jones Newswires.

EMI, which owns back-catalog rights to the likes of The Beatles, had initially mandated the Royal Bank of Scotland and Deutsche Bank in April to look into the potential securitization, but since Terra Firma became EMI’s new owners in August, Deutsche Bank is no longer involved. In April, EMI said it had made the decision as “part of its objective to optimize its balance sheet.”

Terra Firma, who agreed to buy EMI for £2.4 billion ($4.9 billion), and RBS did not immediately return calls for comment.

  • 03 Dec 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 120,318.45 348 12.72%
2 Bank of America Merrill Lynch 104,269.08 299 11.02%
3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%