Chase Manhattan Corp., J.P. Morgan & Co., and Citicorp late Thursday launched a $1.2 billion loan for Honeywell Inc.-the company's first syndicated credit.

Minneapolis-based Honeywell will use the loan to refinance a $650 million short-term credit arranged by J.P. Morgan and Chase supporting its purchase of Measurex Corp. The credit also consolidates approximately $725 million in bilateral loans.

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