Bank Line Of Credit

California Water Services Group entered into an unsecured agreement for an up to $75 million revolving line of credit, the company said late Thursday.

Swiss shares lower in afternoon trade on prospect of weaker Wall ...

ZURICH (Thomson Financial) - Share prices were slightly lower in afternoon trade with Wall Street indicating a lower opening and the ECB's rate hike already priced in, dealers said.

At 2.50 pm, the Swiss Market Index was down 48.26 points at 9,365.97, and the Swiss Performance Index down 43.11 points at 7,614.65.

The euro fell to 1.6449 sfr, while the dollar dropped to 1.2168 sfr.

'The market is slightly lower because of the (currently) weaker US market, but we don't expect the new ECB interest rates to impact on Swiss banks since the change was in-line with expectations,' a Vontobel Bank trader said.

The ECB earlier raised interest rates 25 basis points to 4.00 pct.

Banking stocks were weaker across-the-board, with UBS shedding 1.1 pct or 0.90 sfr at 77.30 and Credit Suisse declining 1.2 pct or 1.15 sfr to 91.30.

Autobacs Forms Credit Line for Acquisitions

(Akron/Tire Review) Japanese automotive parts and accessories retailer Autobacs Seven Co. has established a committed line of credit capped at $822.8 million, to finance the acquisition of competitors inside and outside Japan. An agreement for the five-year commitment line was signed with an investment firm in the UK.

Autobacs will also soon set up a panel to discuss its planned acquisitions and include outside experts to obtain their advice. But the firm says it is "not yet at a point where the acquisition plans can be announced."

Autobacs said it intends to boost domestic sales, including those at its franchised stores, to approximately $3 billion by fiscal 2008 from the fiscal 2006 level of $2.5 billion. In April, Autobacs reached an agreement to buy U.S. parts retailer Strauss Discount Auto out of bankruptcy for a price of up to $55 million.