Conexant Gets Credit
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Marking its last step before spinning off as an independent company, Conexant Systems Inc. said Tuesday it obtained a three-year, $350-million credit line from a group of banks headed by Credit Suisse First Boston.
The credit line will help finance Conexant’s day-to-day working capital needs and other general purposes for the Newport Beach-based semiconductor manufacturer.
Rockwell International Corp., Conexant’s parent, expects to spin-off the chip maker to shareholders on Dec. 31. Conexant is expected to begin trading on the Nasdaq market on Jan. 4 under the symbol CNXT.
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