Bertelsmann, parent company of BMG Entertainment, is one step closer to finalizing its purchase of online music retailer CDNow, receiving German antitrust approval of the $117 million deal.
Bertelsmann plans to finance the acquisition with proceeds from three existing credit facilities; the company estimated the total amount of funds needed to consummate the offer and cover related expenses at about $152 million.
The company's first financing arrangement is an $80 million long-term revolving credit facility with Commerzbank Aktiengesellschaft and Four Winds Funding.
The second arrangement is a $50 million credit facility with Deutsche Bank, while the third is a $50 million long-term revolving credit facility with Bayerische Landesbank. No party in the U.S. has officially objected to the deal.
LIVE NATION POSTS (ANOTHER) RECORD QUARTER
More butts in seats than ever before. (5/3a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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