Conner Peripherals announces new $100 million credit facility.SAN JOSE, Calif.--(BUSINESS WIRE)--Nov. 6, 1995--Conner Peripherals, Inc. (NYSE NYSE See: New York Stock Exchange :CNR See riser card. CNR - Communication and Network Riser ) today announced that it has entered into a new $100 million unsecured credit facility with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , NT & SA, as agent, and Bank of America, Barclays Bank PLC and Standard Chartered Bank Standard Chartered Bank (LSE: STAN, HKSE: 2888 ) is a British bank headquartered in London with operations in more than fifty countries. It operates a network of over 1,600 branches (including subsidiaries, associates and joint ventures) and employs almost 60,000 as participants. The new facility is scheduled to expire on Oct. 28, 1996, and replaces the existing $100 million line of credit due to expire on Dec. 23, 1995. Due to the Company's improved financial position, the terms of the new facility are more favorable than those in the expiring facility. This facility, along with the Company's cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $349 million at Sept. 30, 1995, are designed to provide the liquidity needed to fund general corporate, working capital plus capital expenditure requirements in the foreseeable future. Founded in 1986, Conner sells, designs and builds a comprehensive line of information storage solutions products, including disk drives, tape drives, storage management software and disk array storage systems, for a wide range of computer applications. Conner had 1994 sales of $2.4 billion. Conner's World Wide Web address is http://www.conner.com. CONTACT: Conner Corporate Communications Kevin Burr, 408/456-3134 Mike Seither, 408/456-3743 Jim Taylor, 408/456-3043 |
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