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Hands willing to break up EMI, pt. 2

MATH PROBLEM: The recapitalization of EMI Music Publishing proposed by Hands and rejected by Citi called for an unspecified "substantial" commitment of new equity from Terra Firma's investors and Canadian pension-fund firm CPP Investment Board, as well as the retirement of £1.36 billion ($2.13 billion) of debt, to be replaced with a new £810 million ($1.27 billion) loan from Citi. On the recorded music side, the plan called for a comparable debt swap and the injection of a smaller amount of equity. According to Hands' calculations, the reconfigured business would have a value of £2.23 billion ($3.49 billion), including debt. (2/15a)

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