SCHAUMBURG, Ill.-Motorola Inc. said it has received $1 billion loan from its banks led by JP Morgan Chase Bank and Citibank N.A.
The line of credit will replace two previous loans totaling $1.6 billion, on which the wireless vendor never drew.
“Over the last several years, Motorola has substantially strengthened its liquidity and balance sheet,” said David W. Devonshire, chief financial officer of the company.
The loan carries the same pricing as last year’s loan and forbids the lenders to demand repayment in the case of a drop in credit ratings, said the company.
