Banks back EMI's Warner music bid.

Financial News, November, 2003

EMI, the world's third largest music company, has secured debt financing for a $1.6bn-$1.7bn ([euro]1.39bn-[euro]1.47bn) cash and shares bid for Warner Music, the recorded music arm of Time Warner.A group of banks led by Citigroup, Royal Bank of Scotland, Goldman Sachs and UBS Warburg has agreed financing commitments for the $900m-$1bn cash element of the deal. If it is finalised, Time Warner would receive up to 25% of the enlarged group, worth about $800m.

The final terms of the transaction will depend on due diligence on Warner Music, which reported a $9m loss on sales of $2.92bn in the first nine months of the year.