Qualcomm Incorporated (NASDAQ: QCOM) today announced the successful syndication of a $400 million bank credit facility. The facility broadens the Company's investor base and provides letters of credit and funds for general corporate purposes. The three-year, senior unsecured revolving credit facility was led by Bank of America N.T. & S.A. and Citibank, N.A. The facility is supported by a number of major domestic and international bank partners. As a sign of strong support for Qualcomm's continued growth, the facility was oversubscribed.
Headquartered in San Diego, Qualcomm develops, manufactures, markets, licenses and operates advanced communications systems and products based on its proprietary digital wireless technologies. The Company's primary product areas are the OmniTRACS® system (a geostationary satellite-based, mobile communications system providing two-way data and position reporting services), CDMA wireless communications systems and products and, in conjunction with others, the development of the Globalstar™ low-earth-orbit (LEO) satellite communications system. Other Company products include the Eudora Pro® electronic mail software, ASIC products, and communications equipment and systems for government and commercial customers worldwide. For more information on Qualcomm products and technologies, please visit the Company's web site at http://www.qualcomm.com.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including timely product development and commercial implementation of the Company's products, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 28, 1997 and most recent Form 10-Q.
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