Vivendi closed the financing of Activision and Neuf Cegetel
In anticipation of financing requirements associated with the acquisitions of Activision and Neuf Cegetel, Vivendi has just signed a new syndicated loan of €3.5 billion underwritten by a pool of banks.
This new facility consists of 3 tranches:
- €1.5 billion by way of a bridging loan repayable with the product of a rights issue of about the same amount to be carried out upon completion of the acquisition of Neuf Cegetel.
- €2 billion by way of a “revolver” facility, half of which will be available over 3 years and half over 5 years.
These new sources of financing supplement the €4 billion in unused credit lines (maturing in 2012) and available cash of more than €1 billion at the end of 2007. They will enable Vivendi to meet its future commitments with complete security and flexibility. (Source)