Westinghouse Credit Corporation
List of Deals
- 1971 $40,000,000 8 1/2% subordinated debentures due October 1, 1991
- 1972 $75,000,000 7.60% debentures due October 15, 1997
The Westinghouse Credit Corporation was incorporated in Wilmington, Delaware, on March 1, 1954, to help Westinghouse appliance and radio-television dealers obtain inventory and retail sales financing assistance in areas where credit facilities were inadequate. Westinghouse Credit was a wholly owned subsidiary of the Westinghouse Electric Corporation, whose fortunes soared in the prosperity of the 1950s through the sales of domestic appliances and power systems.
The credit subsidiary was modeled on GE Credit, a subsidiary of General Electric.
Capitalized at $10 million, the credit organization supplemented the six-year-old Westinghouse Equity Plan, under which more than 4,500 banks and credit agencies were providing local financing for Westinghouse dealers.
In May 1971 Westinghouse Credit made its first offering of debt through the sale of $75 million in seven-year notes. The purpose was to reduce short-term debt. The deal was managed by Kuhn, Loeb & Company and First Boston Corporation.