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Terra Firma Puts Its Hands Out

TERRA FIRMA’S RETURN POLICY: Terra Firma’s pitch to potential investors promises a return as high as 58% as it seeks additional funding for EMI, according to details of the investor presentation revealed by Bloomberg. That projection includes any recovery of the original equity, which would be worthless without a new investment. Terra Firma is seeking the funding in two phases: a first round of 105 million and a second of 255 million. The first round will keep EMI debt compliant through March 2011, while the larger, second, round would keep it compliant through the debt’s maturity in 2015. The firm needs approval from 75% of investors and must inform Citigroup by May 14. In a February letter to investors, Terra Firma revealed it had written down the fair value of its EMI investment to zero. (5/4p)

HITS LIST: AMPERSANDS
Dynamic duos (12/7a)
NEAR TRUTHS:
WINNING NOMINATIONS
I.B. Bad on music's biggest comeback (12/7a)
ON THE COVER: LADY GAGA & TONY BENNETT
It's De-Lovely. (12/7a)
CALLING THE PLAYS:
JOHN JANICK
We salute the winner and still champ. (12/7a)
SONG STREAMS:
'TIS THE SEASON
It's beginning to look a lot like Xmas. (12/6a)
CHESTNUTS
Roasting.
STOCKINGS
Stuffing.
PIPERS
Piping.
SANTA
Coming.
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