Access Industries gets financing for $3.3 billion Warner Music merger

By Angela McDaniels

Tacoma, Wash., May 6 - Access Industries has secured committed financing from Credit Suisse and UBS Investment Bank for its acquisition of Warner Music Group Corp., according to a news release from the companies.

Access Industries plans to acquire Warner Music for $8.25 per share in a transaction valued at $3.3 billion.

The bank financing, in addition to equity financing from Access, will be used to finance the cash price paid to Warner Music's stockholders.

The transaction is subject to stockholder approval and is expected to be completed in the third quarter.

Access Industries is a privately held industrial group with holdings in natural resources, chemicals, telecommunications, media and real estate. Warner Music Group is a music company. Both are based in New York.

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