4:49pm: The Rockies are sending $1.25MM to Cleveland in the deal, MLB.com's Jordan Bastian tweets. That means the Indians will pay Slowey $1.5MM in 2012.
3:03pm: The Indians have acquired starting pitcher Kevin Slowey and cash considerations from the Rockies for right-handed reliever Zach Putnam. The Rockies announced the moves, which Jon Paul Morosi of FOX Sports first reported on Twitter.
It's been a busy week for the Indians, who are faced with the possibility that Fausto Carmona has been playing under an assumed name. They've signed Ryan Spilborghs, Gregorio Petit, Fred Lewis and Jeremy Accardo to minor league contracts.
The move provides Cleveland with rotation depth in the event that Carmona isn't ready to pitch out of the rotation on Opening Day. Meanwhile, the Rockies clear room on a crowded pitching staff that includes more rotation options than ever after this week's deal for Josh Outman and Guillermo Moscoso.
Though the Indians are acquiring Slowey from Colorado, he has spent his entire five-year career in the AL Central. In 2011 he posted a 6.67 ERA with 5.2 K/9, 0.8 BB/9 and a 31.1% ground ball rate in 59 1/3 innings for the Twins, who traded him to the Rockies for Daniel Turpen in December. Slowey owns a 4.66 ERA with 6.7 K/9, 1.4 BB/9 and a 31.6% ground ball rate for his career and will earn $2.75MM in 2012.
Putnam, 24, debuted with the Indians in 2011, but spent most of the season at Triple-A. The 2008 fifth rounder posted a 3.65 ERA with 8.9 K/9 and 3.0 BB/9 in 69 innings of relief at Columbus.