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Stock impact report

U.S. companies paying down maxed out credit lines with bond issues-BoA note [Reuters]

V.F. Corporation (VFC) 
Last v.f. corporation earnings: 1/23 06:55 am Check Earnings Report
US:NYSE Investor Relations: ir.vfc.com
Company Research Source: Reuters
U.S. companies paying down maxed out credit lines with bond issues-BoA note NEW YORK, April 22 (Reuters) - An increasing number of U.S. companies are selling bonds to repay lines of credit they drew down at the height of the coronavirus-induced market turmoil, an indication that the cash crunch facing much of Corporate America may be easing, according to Bank of America analysts. Lenders faced requests from more than 170 U.S. companies to draw down on more than $120 billion in prearranged credit lines in recent weeks, according to Bank of America estimates, as corporate executives rushed to buttress their firms’ finances. In recent days, however, the likes of apparel maker VF Corp , grocer Kroger Co and chipmaker Micron Technology Inc have raised cash through new bonds with the purpose of repaying funds borrowed through credit facilities, according to regulatory filings. Earlier this month, American Water Works also raised cash to repay its credit facility. “Now we are seeing signs th Show less Read more
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