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 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.
5 million sub-limit for swing line loans, and a 5-year term loan facility of $35 million.
Swing Line Loans: A portion of the Revolving Credit Facility not in excess of $25,000,000 shall be available for swing line loans (the "Swing Line Loans") from a Lender to be selected in the syndication process (in such capacity, the "Swing Line Lender") on same-day notice.