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United States

Michelle Sierra

Ford obtains commitments to extend most of $5.35 billion of loans

Jul 24 2020

NEW YORK (LPC) - Ford Motor Co has obtained commitments from enough relationship banks to extend the maturity of at least 90% of $5.35 billion (4.2 billion pounds) of revolving loans for one year, a source close to the financing said.

Ford seeks to extend maturities on US$5.35bn in loans

Jul 07 2020

NEW YORK, July 7 (LPC) - Ford Motor Co is in discussions with its lenders to extend maturities on US$5.35bn in existing credit facilities, two sources familiar with the discussions said.

GM strategy shift shows how ‘liquidity is king’ during COVID-19 crisis

Apr 28 2020

NEW YORK, April 28 (LPC) - General Motors Co’s (GM) decision to refinance short-terms loan maturities only, rather than a larger US$16.5bn credit facility, shows how much the market for lending to high-rated companies has changed in just a few weeks since the coronavirus outbreak took a turn for the worse in the US.

Macy’s taps Bank of America for US$5bn in debt to support operations

Apr 22 2020

NEW YORK, April 22 (LPC) - Department store chain Macy’s is looking to raise up to US$5bn in debt financing, two sources familiar with the discussions told Refinitiv LPC on Wednesday.

CORRECTED-Coronavirus pandemic could slow loan market transition from Libor

Apr 22 2020

NEW YORK, April 22 (LPC) - A health emergency of unprecedented proportions has added another layer of complexity to the US loan market's transition away from a key lending benchmark used to set interest payments on trillions of dollars of investments as the deadline to move to a new rate rapidly approaches.

GM reduces loan refinancing target, may pay up for new debt

Apr 03 2020

NEW YORK (LPC) - General Motors Co (GM) will seek to extend maturities on US$6bn in revolving loans rather than refinance a US$16.5bn credit facility following discussions with its bank group during an unprecedented health crisis in the US.

REFILE-Banks wary of liquidity extend expensive, shorter-dated credit to GE

Apr 02 2020

NEW YORK, April 2 (LPC) - General Electric Co is asking its lenders to replace US$20bn in revolving loans with a new debt package that will come with a smaller size and shorter maturities, sources said.

Lenders shift gears as coronavirus fears ripple through loan market

Apr 01 2020

NEW YORK, April 1 (LPC) - After a robust start, first quarter activity for US syndicated loans ground to a halt as the world came to terms with COVID-19, a new and deadly disease that spooked lenders and rattled markets. Deals were put on hold, investor meetings canceled, and fundraising schedules postponed as market participants faced a health crisis of unprecedented reach and magnitude.

GM undergoes delicate balancing act to shore up liquidity through crisis

Mar 25 2020

NEW YORK, March 25 (LPC) - General Motors Co (GM) is managing a delicate balancing act as it readies to draw down US$16bn in loans while refinancing debt of similar size, facing a longer than expected shutdown of its plants and considerable revenue losses.

US companies eye credit lines as pandemic worsens, uncertainty soars

Mar 12 2020

NEW YORK, March 12 (LPC) - US companies including Hilton Worldwide and Wynn Resorts have begun tapping their credit lines to shore up liquidity amid growing market uncertainty triggered by the coronavirus outbreak.

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