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BRIEFLY

Aerospace

November 11, 1994|From Times Staff and Wire Reports

Rockwell Finds Financing for Reliance Deal: Rockwell International Corp. said it has lined up $2.5 billion in new credit. The backing removes the final barrier to a proposed buyout of Reliance Electric Co.--except for Reliance's refusal to sell. Rockwell said it has arranged two revolving credit lines with a group of 27 banks: one for $1.5 billion with a term of five years and one for $1 billion with a term of 364 days. Seal Beach-based Rockwell last month offered $30 a share in cash to Reliance stockholders, valuing the Cleveland, Ohio, company at $1.5 billion. Reliance had already agreed to a $1.4-billion takeover by General Signal Corp.

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