H&R Block unit taps credit line a sixth time

NEW YORK, Nov 29 (Reuters) - H&R Block Inc (HRB.N), the largest U.S. tax preparer, said on Thursday a unit drew down $75 million from its bank credit lines, at least the sixth drawdown since mid-August.

In a regulatory filing, the company said its Block Financial Corp unit borrowed the sum on Nov. 23 from two credit facilities that total $2 billion and that mature on Aug. 10, 2010. It said Block Financial now has $1.8 billion outstanding under the facilities.

H&R Block has said similar borrowings provided Block Financial a "more stable source of funds" after market disruptions made it more difficult to sell short-term debt known as commercial paper.

Kansas City, Missouri-based H&R Block replaced Chairman and Chief Executive Mark Ernst on Nov. 20 after mounting losses from subprime mortgages, which go to people with poor credit. Richard Breeden, an activist investor who once led the U.S. Securities and Exchange Commission, was named chairman. A search has begun for a permanent chief executive. (Reporting by Jonathan Stempel; editing by Andre Grenon)