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.
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As a result of the aggregate outstanding principal amount of the Notes being less than USD 50 million, pursuant to the credit agreement governing the company's revolving credit facility and term loan facilities, the "springing maturity date" is no longer applicable, meaning that (1) the scheduled maturity date of the revolving credit commitments will be the earlier of (x) January 15, 2019, and (y) the date of termination in whole of the revolving credit commitments, the letter of credit sublimit, and the swing line facility, and (2) the company's term loan facilities will mature on April 23, 2019, unless earlier repaid or refinanced.