Swingline facility

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Swingline facility

Bank borrowing facility to provide finance while the firm replaces US commercial paper with eurocommercial paper.

Swingline Facility

A line of credit or other loan that a bank extends to a company to help pay down its debt. A swingline facility is most useful when a company is having difficulty with its debt service. See also: Loan consolidation.
References in periodicals archive ?
otherwise available to be drawn on the swing line facility.
The new credit facility also includes a swing line facility and a letter of credit facility with a $100 million sublimit.
Additionally it adds a swing line facility in the amount of $2,000,000 and makes certain other modifications to the agreement.
The facility includes a $75 million swing line facility and a $600 million sublimit for issuance of standby letters of credit.
commercial bank and liquidity must be available on a same-day basis, a swing line facility agreement exists.
Liquidity support is provided by banks and other financial institutions rated `F1' that supply at least 100% coverage of the face amount of the outstanding CP, and an uncommitted fungible programwide swing line facility provided by CIBC, which is rated `AA-/F1+' by Fitch IBCA.
Liquidity support is provided by banks and other financial institutions rated `F1+' that supply at least 100% coverage of the face amount of the outstanding CP, and an uncommitted fungible programwide swing line facility provided by CIBC, which is rated `AA-/F1+' by Fitch IBCA.