Financier Carl Icahn said he had completed arrangements for borrowing $1.5 billion, the first financing he has secured in his $8.06 billion bid for Phillips Petroleum Co. But Phillips` spokesman Jere Smith said his company still doubted Icahn could borrow the $4.2 billion that would be necessary for the first step of the takeover bid, a $60-a-share offer for 70 million shares. Wall Street remained skeptical, too. Phillips stock fell 87 cents to close at $48.12 a share as the second most active issue on the New York Stock Exchange. Icahn said he raised the $1.5 billion within 24 hours and that the investment firm of Drexel Burnham Lambert, which arranged the financing, indicated that such a response ”confirms its confidence that it will be able to raise the additional financing required.” It said it was awaiting further instructions from the New York financier.
