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  1. Technology
April 11, 1988


By CBR Staff Writer

In the process of merging, Vodavi Technology Corp, Scottsdale, Arizona, and Isoetec Communications Inc of Darien, Connecticut, have obtained a commitment from Continental Illinois National Bank – the giant that went bust two or three years back – for a three-year consolidated credit facility, consisting of a fully secured revolving line of credit of up to $60m, providing for up to $40m in permitted direct borrowings by, and up to $30m in letters of credit to be issued on behalf of Vodavi, Isoetec, and Executone Inc, a company jointly owned by Vodavi and Isoetec. In February, Vodavi and Isoetec each acquired 50% of Executone from Contel Corp, and have agreed in principle to merge. The structure of the merger has not been finalised, but holders of each of the two companies will end up with about half the equity of the surviving corporation. Vodavi designs and markets telecommunications and office automation systems and equipment for commercial and consumer markets. Isoetec makes and sells microprocessor-based speech and data communications systems for businesses with up to 150 desktops.

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