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Reed offers load to aid magazine sale
Reed Elsevier is organising a consortium of banks to lend more than £750m to the eventual buyer of its £1.25bn trade magazine division, in an effort to ensure the business is sold in one piece, despite the credit crisis, reports the Daily Telegraph.
UBS, BNP Paribas, JP Morgan, GE, Bank of Ireland and Lloyds TSB are among those expected to join the consortium to provide so-called "stapled finance" for the sale of Reed Business Information, which owns titles such as Publishers Weekly, New Scientist and Variety.
According to the newspaper, Reed is resisting widespread pressure from buyers to break up its business magazines division - which has a portfolio of over 100 publications and events across 18 markets - into more bite-sized pieces.
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