Funds to help buy out SFR
European media powerhouse Vivendi has completed a €5 billion ($7.1 billion) syndicated loan from 15 banks, in part to finance the buyout of French telco SFR.“This loan will enable the company to increase its financial security and extend the maturity of its debt,” said Paris-based Vivendi in a statement. The financing comes in three tranches: A $2.1 billion loan maturing at the end of 2012, a $2.1 billion three-year loan and a $2.8 billion five-year loan. The five-year tranche will refinance a previous loan of the same amount maturing in April 2012, according to the statement. The transaction will allow Vivendi to access at least $2.8 billion of undrawn credit lines after its acquisition of U.K. mobile company Vodafone’s 44% stake in SFR, one of Gaul’s major mobile and broadband companies. Vivendi bought out SFR for $11 billion earlier this month. It controls Activision Blizzard, the U Music Group and Canal Plus Group.