UNDERWRITING OF $6-BILLION CREDIT FACILITY FOR WESTINGHOUSE IS OVERSUBSCRIBED BY SYNDICATE OF 20 U.S. AND FOREIGN BANKS
UNDERWRITING OF $6-BILLION CREDIT FACILITY FOR WESTINGHOUSE
IS OVERSUBSCRIBED BY SYNDICATE OF 20 U.S. AND FOREIGN BANKS
PITTSBURGH, Nov. 18 /PRNewswire/ -- The underwriting phase of a $6-billion revolving credit for Westinghouse Electric Corporation (NYSE: WX) has been oversubscribed by approximately 20 banks from the United States, Japan, Europe and Canada, Paul E. Lego, Westinghouse chairman, announced today.
"The fact that this credit facility was oversubscribed by key banks around the world is tangible evidence of confidence in our strategy and in the financial strength of Westinghouse. This is one more important step in our comprehensive program of assuring the strength of Westinghouse and building value for shareholders," Lego said.
The general syndication of the credit facility, which was underwritten by a consortium of banks led by Chemical Bank, is expected to begin this week, with closing anticipated before Dec. 31, 1991. The new credit facility, which will replace $6 billion in bank revolving credits and standby agreements, is an important step in supporting the corporation's announced financing strategy which includes downsizing its financial services subsidiary.
Westinghouse Electric Corporation is a $13-billion global corporation focused on seven major markets: electronic systems, power systems, environmental, broadcasting, industries, financial services and office furniture.
/CONTACT: Paul B. Jones of Westinghouse Electric Corporation, 412-642-3713/
(WX) CO: Westinghouse Electric Corporation ST: Pennsylvania IN: SU: CD -- PG020 -- 4615 11/18/91 16:29 EST