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 ?
In addition to standard loan arrangements such as revolving credit lines and term loans, syndicated loans frequently include other credit products, such as letters of credit and swing line loans. A letter of credit is document issued by a bank or other financial institution to a named beneficiary at the request of the borrower to guarantee a payment obligation of the borrower.
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.