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.

World News

Venezuelan government suspends negotiations with opposition

CARACAS/PRAIA (Reuters) -Venezuela on Saturday said it would suspend negotiations with the opposition that were set to resume this weekend, after Cape Verde extradited Colombian businessman Alex Saab, a Venezuelan envoy, to the United States on money laundering charges.