The debt will include a $1.05 billion term loan, said the person, who declined to be identified because the deal is private.
Sony is buying the unit with the estate of Michael Jackson, Mubadala Development Company PJSC, Jynwel Capital Ltd, the Blackstone Group’s GSO Capital Partners LP, and David Geffen, according to a Nov. 11 statement. Vivendi SA’s Universal Music Group will buy EMI’s record labels, home to Katy Perry and Coldplay, for 1.2 billion pounds ($1.9 billion).
The breakup of London-based EMI, the 114-year-old music company that owns Abbey Road Studios, sells Beatles albums and publishes songs written by the late Amy Winehouse, ends a nine- month bidding war. Citigroup, the New York-based lender, seized EMI in February after investor Guy Hands fell out of compliance with loan covenants.
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