EMI, the UK music company in talks to buy Warner Music, has raised 50% more funds than it targeted from the bond markets, depite its rating slumping from investment grade to junk.

EMI raised €425m ($496m), €125m more than initially planned, despite selling 10-year bonds with sub-investment grade ratings of BBB minus from Standard & Poor's (S&P). The company's paper was downgraded to junk earlier this year. The bonds carry an interest rate of 8.625%.