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 senior credit agreement provides a $115 million senior secured credit facility consisting of a $100 million revolving credit facility, including a $20 million sub-limit for letters of credit and $10 million sub-limit for swing-line loans, and a $15 million term loan facility.