Lenders Grant Cendant $3.25 Billion Credit Facility

Share this content:
Cendant Corp has entered into a new $3.25 billion term loan credit facility with the Chase Manhattan Bank and a syndicate of 20 other lenders which grants it access to that amount for working capital purposes.

The credit facility was increased from $2 billion because of strong reception from the banking syndicate. It is also an indication that the banks believe financial problems stemming from Cendant's April disclosure of accounting irregularities will not affect its ability to pay back the loan, which is repayable on May 28, 1999.

The transaction will give Cendant, Parsippany, NJ, combined credit facilities and cash well in excess of the amount needed to close the acquisitions of American Bankers Insurance, RAC Motoring Services and Providian Auto.

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above