Western Digital Arranges $30-Million Line of Credit

Western Digital Corp., the Irvine-based computer components manufacturer, said Monday it has arranged a $30-million unsecured credit line with a group of three banks.

Western Digital Vice President A.J. (Bert) Moyer said the company has no immediate plans for the $30 million, which is being provided by Bank of America, Citibank and Morgan Guaranty Trust Co. The credit line is available through Oct. 31, 1989.

Moyer said the company is “pretty rich in cash right now.” Western Digital reported no short-term debt, long-term debt of $25 million and shareholder equity of $166 million at the end of March.

Western Digital, which has reported significant growth in sales of its components for computers and computer peripheral products, has completed two acquisitions valued at $39 million in cash and stock since August, 1986.

In addition, it is seeking shareholder approval of a proposed $42-million stock-swap acquisition of Faraday Electronics of Sunnyvale.