Time Warner Reports Financing: Time Warner Inc....

Time Warner Reports Financing: Time Warner Inc. said 38 commercial banks have agreed to lend it $11 billion for the acquisition of Warner Communications Inc. The permanent bank financing, replacing temporary “bridge” financing, will go into place when the deal closes, which is expected to be by the end of the year. The managing agents of the $11 billion in permanent bank lending are Bankers Trust Co. and Manufacturers Hanover Trust Co. Co-agent banks include the Bank of Boston, Bank of New York, Chemical Bank and Morgan Guaranty Trust Co.