CHICAGO-Motorola Inc. said it has replaced its $900 million loan that expires May 29 with a new $700 million facility with banks led by JP Morgan Chase Bank and Citibank N.A.
Describing the loan as having the same pricing as a year ago, Motorola said the transaction was oversubscribed by more than 40 percent, and it chose to reduce the size of the facility.
“Over the last two years, Motorola has substantially strengthened its liquidity and balance sheet,” said David W. Devonshire, chief financial officer at Motorola.
