Swingline Loan

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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In aggregate for all four borrowers, LOCs cannot exceed $500 million and swingline loans cannot exceed $150 million.
The amended and restated credit facility is expected to include a USD400 million revolving credit facility, including a USD200 million letter of credit subfacility and a USD125 million subfacility for swingline loans, as well as a USD300 million term loan facility, of which USD200 million is expected to be outstanding upon completion of the company's private placement of convertible notes.
The amended and restated credit facility is expected to include a USD400 million revolving credit facility, including a USD200 million letter of credit sub-facility and a USD125 million sub-facility for swingline loans, as well as a USD300 million term loan facility, of which USD200 million is expected to be outstanding upon completion of the company's private placement of convertible notes.
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.