Control Data Corp has established a secured $225m line of credit with a group of nine banks led by Bank of America, its first since its financial restructuring in 1986. The facility provides up to $125m in standby letters of credit and up to $100m of revolving credit, and will prove less expensive and more flexible than the accounts receivable sales agreement it has had to rely on for cash to finance day-to-day business. Other participants included the Bank of Nova Scotia, Barclays Bank Plc, Chemical Bank, Continental Illinois National Bank and Trust Co of Chicago, First Bank National Association, Irving Trust Company, Morgan Guaranty Trust Co of New York and Norwest Bank Minnesota.
