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CERIDIAN'S CREDIT FACILITY IS EXTENDED; AMENDMENTS PERMIT CONTROL DATA SYSTEMS SPIN-OFF

 CERIDIAN'S CREDIT FACILITY IS EXTENDED;
 AMENDMENTS PERMIT CONTROL DATA SYSTEMS SPIN-OFF
 MINNEAPOLIS, June 30 /PRNewswire/ -- Ceridian Corporation (NYSE: CEN) today announced amendments to its revolving bank credit agreement in connection with the sale last week of its Automated Wagering business and the impending spin-off of Control Data Systems, Inc. The amendments have extended credit availability until Oct. 31, 1992, and reduced availability from $150 million to $90 million (reflecting the sale of Automated Wagering).
 The amendments also extend the existing waiver of a net earnings test through Oct. 31, 1992, and modify a net worth test to permit the Control Data Systems spin-off and the approximately $400 million of charges Ceridian will record at the end of the second quarter, primarily in connection with the spin-off and other reshaping actions. A number of other covenants in the credit agreement have also been amended.
 Ceridian announced on May 27, 1992, that it plans to spin off Control Data Systems, a business which integrates open systems solutions that satisfy customers' requirements for manufacturing engineering and information management systems. The proposed separation, which is currently undergoing SEC review, is expected to occur in August.
 Ceridian Corporation is a services company. It provides payroll processing and other employer services, media and market research, and network services to business customers, as well as information management services and products to government customers.
 -0- 6/30/92
 /CONTACT: Nancy Foltz of Ceridian, 612-853-5229/
 (CEN) CO: Ceridian Corporation ST: Minnesota IN: CPR SU:


KH -- MN003 -- 5290 06/30/92 15:45 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
Words:254
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