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Tuesday, August 22, 2000

BERTELSMANN ZEROES
IN ON CDNOW

by

Marc Pollack

$117 Million Acquisition Receives German Approval

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.

TAGS: Marc Pollack
 
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