Warner Music acquisition financing to come from Bank of America, Deutsche, Lehman and Merrill

By Sara Rosenberg

New York, Nov. 24 - The purchase of Warner Music Group will be supported by committed financing that has been provided by Bank of America, Deutsche Bank, Lehman Brothers and Merrill Lynch, according to a company news release.

Under the acquisition agreement, an investor group led by Thomas H. Lee Partners, Edgar Bronfman Jr.'s Lexa Partners, Bain Capital and Providence Equity Partners will buy the music company from Time Warner Inc. for about $2.6 billion in cash.

Time Warner is expected to reduce its reported net debt by about $2.6 billion following the sale.

The transaction is expected to close within 60 days.

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