In addition, borrowers must be aware that 1) lenders reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities-based loan that is identified as a committed facility
and 2) lenders reserve the right to increase a borrower's collateral maintenance requirements at any time without notice and maintain the right to call securities-based loans at any time and for any reason.
The Enserco team has a long track record of delivering results and managing risks, and the new committed facility
will provide ample financial capacity to conduct their business during these challenging economic times.'
The transaction will be financed from a committed facility
arranged and underwritten by Deutsche Bank.
Mr Spellar said: "If they (Railtrack) were as viable as they are now saying, why weren't they able to draw down on their pounds 1bn committed facility
which they could have had from the banks?"
However, Fitch views the lack of a committed facility
as unusual for a corporate credit and a constraint on the rating given the underlying volatility of the E&P industry, particularly in the context of the company's decommissioning commitments.
Arris said it has secured a fully committed facility
from Bank of America Merrill Lynch to meet the funding requirements.
According to the firm, the deal was oversubscribed and doubles Freepoint's initial committed facility
of USD 500m, which closed in October 2011.
The package consists of a three-year committed facility
to finance Land Rover's Parts and Accessories' inventories and receivables in the United Kingdom and the United States.
The company expects to close an additional USD60m of funding with new facility lenders soon, raising total committed facility
Undrawn credit facilities included a GPB1.9 billion committed facility
maturing in September 2021 and a USD2.5 billion 364-day facility.