Lenders Approve Vivendi Credit Line

Vivendi Universal said a group of 11 lenders agreed to provide a $2.93-billion loan, allowing the French media company to avoid a cash shortage as it sells businesses.

The loan from banks including BNP Paribas replaces a credit line of about $975 million granted in July, a spokesman said. It will be repaid by proceeds from asset sales, bankers said.

Part of the loan has an interest margin that’s more than six times as high as a credit Vivendi received in March, they said.

Vivendi shares rose 72 cents to $13.59 on the New York Stock Exchange.