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May 27, 1994|From Times Staff and Wire Reports

Viacom Secures $6.8-Billion Credit Line: The entertainment company said it obtained the credit to refinance its acquisition of Paramount Communications Inc. The announcement after the stock market closed came as Viacom Inc.'s planned merger with Blockbuster Entertainment Corp. seemed increasingly unlikely. However, it was not clear whether there was any connection between the credit line and the uncertainty about the Blockbuster deal. Viacom said the loan will be used to refinance existing debts related to the $10-billion Paramount purchase, as well as to refinance existing debts at Paramount and its Viacom International Inc. subsidiary. Viacom said the loan includes a $2.5-billion, eight-year loan, a $1.8-billion, eight-year reducing revolving loan and a $2.5-billion, 2 1/2-year revolving loan.

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