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Westinghouse Electric Has $800-Million Financing from Apollo, Citi

Thursday, 30 March 2017 01:35
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Following a competitive marketing process, Westinghouse Electric Company LLC said it has secured a commitment from certain affiliates of Apollo Global Management, LLC, to provide an $800 million postpetition secured financing facility agented by Citibank, N.A., and inclusive of up to $225 million cash collateralized letter of credit facility (the "DIP LC Facility") issued by an affiliate of Citibank, that will allow the Debtors to fund their operations, develop a restructuring plan, and emerge from chapter 11, all while ensuring Westinghouse maintains its position as the world's leading supplier of safe and innovative nuclear technology.

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