ROCKWELL NAMES CHIP COMPANY, SECURES CREDIT.Rockwell International Corp says it is nearing the completion of of all the major work necessary to complete the spin-off of its semiconductor business, which will be called Conexant Systems Inc. The spin-off to shareholders is poised to go ahead on December 31. Rockwell insists that all the necessary approvals - from the board, the SEC, the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. and Nasdaq, where the shares will trade under the symbol CNXT - have been secured. The new entity has also obtained a commitment from 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. for a three-year $350m 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. Rockwell says Conexant, a $1.2bn business based in Newport Beach, California Newport Harbor redirects here. For the MTV reality series, see . Newport Beach, incorporated in 1906, is a city in Orange County, California, 10 miles south of downtown Santa Ana. , will be the world's largest company focusing exclusively on semiconductor products for the communications electronics market. |
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