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.
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This credit facility includes a USD250m letter of credit sublimit and a USD100m swing line loan sublimit, and a five-year senior unsecured term loan facility in an aggregate principal amount of USD1.
The facility, which expires in three years, comprises revolving credit loans, including both a swing line loan facility of up to CAD15m and a letter of credit facility of up to CAD15m.
A swing line loan is a short-term loan made directly by one lender, typically the administrative agent, to the borrower on shorter notice than is required for a syndicated loan from all of the lenders.
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.