& #8226;
Billionaire investor Kirk Kerkorian’s
Tracinda Corp.
completed its purchase of nearly 18.5 million shares in General Motors Corp., increasing its holding to 40.5 million shares, or about 7.2 percent. Beverly Hills-based Tracinda said in a statement that the number of shares purchased is less than the amount reported last week by 437,726 shares, reflecting failures of certain guarantors to deliver shares.
& #8226;
The U.S. Consumer Product Safety Commission recalled 280,000 electric-powered scooters and mini-bikes made by Fisher-Price, a unit of
Mattel Inc.
, and privately held Razor USA LLC due to potential tire and rim problems that could cause the tires to rupture. The voluntary recall covers 34,000 scooters made by El Segundo-based Mattel and 246,000 manufactured by Cerritos-based Razor USA.
Fisher Price received seven reports of incidents related to its Lightning PAC Scooters and MX3 Mini Bikes, including facial and hand injuries to children and adults. The scooters made by Fisher Price were previously recalled in 2003 due malfunctioning throttle buttons, CPSC said in a statement.
& #8226; Reliance Steel & Aluminum Co.
entered into a five-year, $600 million unsecured revolving credit facility that replaces the company’s previous $335 million credit line. The L.A.-based metal services company plans to use the facility for working capital and general corporate purposes.
Reliance said it initially tried to raise $400 million in credit commitments. However, given the over-subscription of the credit facility, the company elected to increase the financing to $600 million. The syndicate includes 15 banks and was arranged by Banc of America Securities LLC.
& #8226; FirstFed Financial Corp.
said it plans to offer $50 million of senior debentures due 2015 to institutional buyers. The sale is expected to close on June 15. Santa Monica-based FirstFed will use proceeds from the offering to finance the growth of its First Federal Bank of California unit and for general corporate purposes.
& #8226; Tetra Tech Inc.
won a 5-year, $45 million environmental management services contract with the John A. Volpe National Transportation Systems Center. The work will involve both environmental restoration projects and environmental assessment projects, Pasadena-based Tetra Tech said.
