AST Secures $225-Million Line of Credit
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AST Research Inc., the nation’s fourth-largest maker of personal computers, said Monday that it has arranged a $225-million unsecured line of credit with 10 multinational banks.
The credit line replaces AST’s former $175-million line of credit and will improve the Irvine company’s financial flexibility, said Safi U. Qureshey, chief executive of AST.
AST had drawn about $52 million on its previous line of credit as of June 30, the company said. Considering ambitious expansion plans, the company recently agreed to pay $15 million in cash and $90 million for the computer manufacturing assets of Tandy Corp.
AST also agreed to build a $16-million manufacturing plant in China in August. The previous line was arranged with seven unidentified banks.
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