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The loan will be credited against the sale price.
That loan will be the last, Hendy now suggests.
If so, later instalments of the IMF loan will be withheld.
Uncertainty about whether the rest of the loan will be disbursed is causing jitters.
The first loan will be swapped into equity before it comes due in March.
Interest on the loan will be linked to Vivendi's credit rating.
(Holders of other parts of the complicated loan will be paid off in full).
The loan will be paid back with 0.25percentt of county sales taxes.
If used, the loan will be repayable when the deal closes.
Some holders of Spanish bonds are worried that Europe's loan will be given seniority over existing government debt.
Britain's bilateral loan will be 3.8 billion euros, though it will also pay into the European Union and I.M.F.
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