Bellcore secures $250 million, five year credit agreement.MORRISTOWN, N.J.--(BUSINESS WIRE)--July 15, 1996--Bellcore announced that it has signed a $250 million, five-year, revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with a syndicate of national and international banking firms. The decision to seek a committed line of credit, which is agented by J.P. Morgan and co-agented by Mellon Bank and First Union National Bank, was a natural extension of Bellcore's successful commercialization efforts, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bellcore's chief financial officer, Rod Everhart. "While many public companies would consider a committed line of credit to be a matter of course, for Bellcore this agreement is another milestone in our ongoing efforts to commercialize the company," said Everhart. In recent years Bellcore has taken aggressive steps to operate more like a commercialized business, including creating a marketing organization, deploying an international sales force, introducing commercial product and service offerings, and expanding its customer base beyond the Regional Bell Operating Companies The Regional Bell Operating Companies (RBOC) are the result of the U.S. Department of Justice antitrust suit against American Telephone & Telegraph. History . In 1995, Bellcore reported over $1 billion in revenues. Headquartered in Morristown, Bellcore is a leading provider of communications software (communications, software) communications software - Application programs, operating system components, and probably firmware, forming part of a communication system. These different software components might be classified according to the functions within the Open Systems and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" based on world-class research. Bellcore creates the business solutions that make information technology work for telecommunications carriers, businesses and governments worldwide. Bellcore has sales offices throughout the U.S. and in London and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . More information about Bellcore is available on the World Wide Web: http://www.bellcore.com. CONTACT: Bellcore, Morristown Barbara McClurken, 201/829-2164 |
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