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, which replaces the $400 million credit facility originally put in place on December 21, 2004, is guaranteed by Gaz Metro Limited Partnership ("Gaz Metro") and is comprised of a revolving loan available to GMi and a swingline loan available to GMi and Gaz Metro.
The Company has also entered into a new senior secured asset-based revolving credit facility ("ABL Facility") which provides for revolving credit financing of up to $350 million, subject to borrowing base availability, with a maturity of five years, including both a letter of credit and swingline loan sub-facility.
The revolving credit facility will include a sublimit for letters of credit and swingline loans, subject to certain conditions and limits.
swingline loans up to $200 million and European swingline loans up to $400 million.
Under the terms of the agreement, a principal amount of up to $400 million will be available to the Company through a five-year revolving credit facility, which will include a $50 million sublimit for the issuance of standby letters of credit, and a $25 million sublimit for swingline loans.
The credit facility includes a $50 million sublimit for the issuance of letters of credit and a $20 million sublimit for swingline loans.
The Senior Credit Facility is a $15 million revolving credit facility with a $10 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans.