Swingline Loan

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Swingline Loan

A large loan that a company may take out in order to repay other debts. A swingline loan is much like a line of credit or a demand loan, but differs in that it must be used to repay outstanding debt. See also: Refinancing, Debt consolidation.
References in periodicals archive ?
The amendment also provides a $3 million swing line loan for short term needs, eases the restrictions on outside indebtedness, paydown requirements and repurchase of the Company's stock, and increases the Company's required operating coverage ratio.
Each Lender under the Revolving Credit Facility shall acquire, under certain circumstances, an irrevocable and unconditional pro rata participation in each Swing Line Loan.
Liquidity coverage in the form of a revolving credit facility and a swing line loan facility will be maintained at no less than 100% of CP outstanding, and is provided by a syndicate of banks and other financial institutions rated at least `F1'.
The new loan is unsecured and consists of an $80 million syndicated three-year revolving credit facility and a $5 million swing line loan.
The new credit facility includes a $1 billion sublimit for multicurrency borrowings, a $200 million sublimit for letters of credit, and a $50 million sublimit for swing line loans.