Vivendi Universal seeks noteholder consents to NBC deal

New York, Nov. 7 - Vivendi Universal (B1) said it had begun seeking noteholder consents to certain changes in the indentures of several series of its outstanding debt, in connection with the previously announced planned combination of its Vivendi Universal Entertainment LLLP unit with General Electric Corp.'s broadcasting subsidiary, National Broadcasting Co. Inc.

Vivendi, a Paris-based international media conglomerate, set 5 p.m. ET on Nov. 20 as the consent solicitation expiration deadline, subject to possible extension.

It said the solicitation was being made to the holders of its $935 million of 9¼% notes due 2010 and €325 million of 9½% notes due 2010, and its $975 million 6¼% notes due 2008 and €500 million of 6¼% notes due 2008.

The adoption of the proposed amendments requires the consent of holders of a majority in outstanding principal amount of each series of the notes.

Following - and subject to - the completion of the Vivendi Universal Entertainment combination transaction with NBC, Vivendi Universal will make consent payments of €1 per €1,000 of euro- denominated notes and $1 per $1,000 principal amount of dollar-denominated notes for which consents were properly furnished and not subsequently withdrawn, by the consent deadline, provided that the information agent for the solicitation has received the required consents to the proposed indenture changes, and provided that supplemental indentures putting the changes into effect have been executed.

Vivendi warned that if the combination transaction between NBC and Vivendi Universal Entertainment is not consummated no consent fees will be paid.. The VUE/NBC Transaction is subject to customary approvals from various regulatory agencies and is anticipated to be completed in the first half of 2004.

Citigroup Global Markets Inc. is the solicitation agent (800 558-3745 or collect at 212 723-6106 or at +44 (0) 20 7986-8969). The information agent is Global Bondholder Services Corp. (866 470-3900 or +44 (0) 20 7864-9136, banks and brokers call 212 430-3774).

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