America Online Inc has secured a two-year $200m senior secured revolving line of credit, effective immediately, through a syndicate of commercial lenders in a transaction managed by Chase Manhattan Bank with Dai-Ichi Kangyo as co-agent. About a month ago, AOL announced the sale of a new issue of $350m worth of 4.0% convertible subordinated notes due November 15, 2002. AOL says the credit wasn’t secured for anything in particular, and will be used mainly as working capital. As of September 30, the company had cash and cash equivalents totaling $228.9m.
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