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’Glencore prepares for take-off
After weeks of speculation (and spin) Glencore has finally published its Intention to Float document.
A lot of it is has already found its way into the public domain, but there are some additional nuggets like details of Glencore’s trading strategies (to follow in a separate post).
Hands back once again
None other than Guy Fawked himself.
Breaking on Sky News:
Guy Hands, the private equity tycoon who last week lost control of EMI, the music company, is in talks to buy Chaucer Holdings, the Lloyd’s of London insurer,
The Terra Firma response — IN FULL
After three years and a £1.75bn loss, is that it?
Terra Firma is pleased that EMI’s debt burden has been reduced through Citi agreeing to write down a substantial proportion of EMI’s debt.
Hmm.
Overheard in the Long Room
The members of FT Alphaville’s private forum, the Long Room, enjoy (and regularly engage in) spirited debate. Here’s a selection of what’s been said and posted just recently:
- Moorad Choudhry, head of Treasury at Europe Arab Bank,
Should Guy Hands be barred from Britain?
Based on the contents of this delirious court filing we would argue that the answer is an unequivocal “yes.”
That’s not because Guy Hands, the founder of Terra Firma and, by extension, the boss of EMI,
EMI – a (on)going concern? (updated)
Maltby Capital Limited, the vehicle Guy Hands used to acquire EMI for £4.2bn shortly before the credit markets collapsed a couple of years ago, has filed results and financial statements for the year to March 31,
Hands v Wormsley (or Terra Infirma)
Oh dear. Guy Hands, the self-respecting veteran of British private equity, is clearly closer to the edge than we realised.
If you start accusing a leading bank of getting one of its analysts to write knocking copy on one of your businesses just so as to undermine you,
Hands warns governments on banks
Guy Hands, head of UK buy-out group Terra Firma, has warned that unless governments push banks to restructure $7,000bn of leveraged loans due to mature by 2014, the US and Europe could face the “Japanese problem” of zero growth.
Hands signals regret over EMI
Guy Hands, founder of private equity firm Terra Firma, on Thursday admitted that if the May 2007 auction of music group EMI had happened two weeks later, he would not have bought the company. The remarks,
Terra Firma considers bond issue to pay down EMI debt
Blackstone, the private equity group, is advising its rival Terra Firma on a plan to issue high-yield bonds to repay Citigroup’s £2.6bn of loans to music group EMI, one of the US bank’s biggest single exposures.
What the Sundays said: Xstrata, Lloyds, Terra Firma
Xstrata will offer a £5bn sweetener to seal its proposed merger with Anglo American, The Observer said. Citing City sources, the Observer said Xstrata would raise the money via a rights issue. But Xstrata told Reuters the deal “remains a nil premium merger of equals”.
Terra Firma injects more cash into EMI
UK buyout firm Terra Firma has been forced to inject more cash into EMI for the second time in six months, after the debt-laden UK music group missed targets imposed in its banking covenants. Terra Firma,
Terra Firma writes off half of EMI buy
Terra Firma, the buy-out house run by financier Guy Hands, has written off half its €2.6bn (£2.3bn) investment in EMI, the music group. EMI accounted for the majority of a €1.37bn impairment charge in Terra Firma’s annual review,
The ugly reality at EMI
An adviser to Guy Hands, speaking privately this time last year:
They think there are people with ‘magic ears! (guffaws) They believe they have people who can spot talent. They don’t know how to use market research or anything like that…All I can tell you is that Guy will be cutting a lot more cost out of that business than has so far been indicated publicly…
CDS Report: sentiment holds steady
European credit markets held steady on Tuesday despite the slew of negative news over the past few days – mainly, traders said, because of the existence of large short positions in the market.
There
Weekend catch-up
In case you missed these stories:
‘Shocking’ GE results show size of crisis
General Electric on Friday announced its worst quarter in five years and slashed full-year forecasts, in a move described as “shocking” by a senior GE executive.
EMI moves in on Chrysalis
EMI last night edged closer to winning the auction for Chrysalis, one of Britain’s last big independent music groups, as it emerged that rival Warner Music had been sidelined, reports The Times. While a handful of others are understood to be involved in the auction,
EMI chief in ‘audacious bid’ for Chrysalis
Guy Hands, chairman of EMI, the music company, has tabled a bid for Chrysalis, one of Britain’s last big independent music groups, reports The Times. The audacious move by Hands, whose private equity group,
EMI falters on £2bn Citi loan facility?
This weekend, EMI gave, perhaps, a grim portent of things to come for leveraged buyouts.
By our reckoning, Monday’s £200m rights issue is, in fact, an “equity cure.”
This equity has probably been issued to meet a cash-flow shortfall – real or projected – on EMI’s £2bn loan facility with Citi,
Hands to raise £200m for EMI, slash jobs
Guy Hands is close to raising £200m of fresh equity to inject into EMI as he prepares to slash more than a third of the staff in its problem-hit recorded music business. Hands, in his first interview since completing the £3.2bn acquisition,
Chrysalis founder in buy-out talks
Chris Wright, executive chairman of the Chrysalis Group, finally faced the prospect on Wednesday of giving up the business he founded in 1967, saying he has been involved in preliminary talks with possible buyers.
Private equity, Debt and Rock and Roll
“Drat” is the tone deaf cry to be heard from both EMI and Warner as their plans to issue MBSs (Music Backed Securities) have been scuppered by the recent turmoil in the credit markets.
Both companies have been considering issuing billions of dollars of debt by securitising against their publishing catalogues reports Joshua Chaffin in today’s FT.
The Real Deal: Trials of winning the wrong auction
Bankers bored of the credit squeeze are now obsessing over Guy Hands and his £4bn investment in EMI.
Word is the chief executive of buy-out group Terra Firma is in a wild panic about his impulsive acquisition and how he’ll manage to make a return on the record company he bought on the back of 43 pages of basic due diligence.
Hands warns of ‘fundamental change’ at EMI
EMI will drop artists it feels are not working hard enough and “unpick” its own executives’ pay packages, its new private equity owner has told staff. Guy Hands, chief executive of Terra Firma, promised “fundamental change”
EMI pension battle intensifies
As reported by FT Alphaville on Tuesday, UK private equity group Terra Firma has hit trouble with the pension scheme of EMI, the music group it took private last summer for £4bn ($8.1bn). Wednesday’s FT reports that Guy Hands’ private equity group could be hit by big contribution demands.
Not so sweet music for EMI pensioners after Hands buyout
Elvis isn’t affected, obviously, because he’s dead. And, more to the point, we don’t think he was ever signed to the EMI label or any of its constituent parts. But spare a thought for other ageing rockers,
EMI chief to leave with £3m
Eric Nicoli, EMI chief executive, will leave the company with more than £3m, it emerged on Wednesday, as Terra Firma, the UK private equity group, gave the first indications of its plans once it takes the music company private next month.
EMI’s poor data affirm Terra Firma’s task
EMI on Monday underscored the scale of the task facing its new owner, UK private equity group Terra Firma, disclosing that its recorded music revenues fell 13.4 per cent in the first 18 weeks of its financial year,
Lex: what is Hands up to?
From the Lex column:
What is Guy Hands playing at? The question was on many people’s minds this week as the financier’s Terra Firma vehicle finally won enough acceptances to take control of EMI, the troubled music group,
Terra Firma wins EMI
Terra Firma on Wednesday sealed its £2.4bn takeover of EMI, ending decades of independence for the music group after securing the required 90 per cent of shareholder acceptance after a nail-biting end to the 10-week saga.