The new Honeywell Bull Inc starts life with major financing requirements to meet a large part of the money owed to its former sole parent Honeywell Inc, and has now moved to arrange $400m of credit organised by Banque National de Paris, with Morgan Guaranty and Industrial Bank of Japan joining in the underwriting. Of the $400m, $350m will go direct to Honeywell, and the $50m balance will be used for working capital for the new company, which is owned 42.5% each by Bull SA and Honeywell Inc, 15% by NEC Corp. The facility, which is made up of a mix of revolving credit, European and US instruments, runs for five years, extendable to eight.
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