COLORADO SPRINGS -- Cray Computer Corp. said it has signed an agreement with Congress Financial Corp. for a $17.5 million line of credit, in return for a senior security interest in all the assets of the supercomputer manufacturer.
Seymour R. Cray, chairman and chief executive, provided additional collaterall to Congress Financial in the form of a $5 million letter of credit issued by Chase Manhattan Bank.
Cray can borrow up to $11.5 million under the credit agreement and $6 million more once additional collateral is provided to Congress Financial, the asset-based financing subsidiary of CoreStates Financial Corp.
