Unocal Unit Gets $1.5-Billion Credit Line
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Unocal Corp. said Wednesday that its Union Oil Co. of California unit has completed a $1.5-billion credit agreement with a group of 34 banks headed by Manufacturers Hanover Trust Co.
Company executives said the credit agreement will be used to retire the $450-million balance of a 1985 credit facility and to serve general corporate purposes.
A Unocal spokesman said the agreement, which boosts Unocal’s standby credit line, does not signal a possible takeover attempt by the Los Angeles oil giant.
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