Conexant Completes Revolving Credit Facility; Last Major Action Before Spin-Off By Rockwell.COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif.--(BUSINESS WIRE)--Dec. 22, 1998--Rockwell International Corporation (NYSE NYSE See: New York Stock Exchange :ROK) announced today that Conexant Systems, Inc., the Semiconductor Systems business of Rockwell that is to be spun-off to Rockwell shareowners on Dec. 31, has entered into a three-year, $350 million secured 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 group of banks led by Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . The facility will be used for working capital and other general corporate purposes of Conexant and its subsidiaries following the spin-off. This is the last major action required to be completed prior to the spin-off. Conexant, a $1.2 billion business based in Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif., will be the world's largest company focused exclusively on providing semiconductor products for communications electronics. With more than 30 years of experience in developing analog modem technology, the company leverages its expertise in mixed-signal processing and communications technology to deliver integrated systems and semiconductor products for a broad range of communications applications. Rockwell is a global electronic controls and communications company with leadership positions in industrial automation, avionics and communications, and electronic commerce. Rockwell's continuing businesses had fiscal 1998 sales of approximately $7 billion and 41,000 employees. Rockwell Website Address: http://www.rockwell.com |
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