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Intel Deal Delayed

Stock quotes in this article: INTC , STM  

SAN FRANCISCO -- The flash memory joint venture between Intel(INTC Quote) and ST Microelectronics(STM Quote) will make its debut a few months later than originally planned, and will borrow about half as much in debt financing.

The companies announced Wednesday that the closing date for the deal has been pushed back until the first quarter of 2008, extending the termination date until March 28, 2008, vs. the original Dec. 31, 2007 deadline.

Instead of borrowing up to $1.55 billion from a consortium of banks, the joint venture's financing plans now involve a $650 million senior loan and a $100 million revolving credit facility. ...

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