Some companies tapping into credit lines:
– Hilton – $1.8 billion
– Wynn Resorts – $850 million
– Air France-KLM – $1.2 billion
– Kraft Heinz – $4 billion
– Royal Caribbean – $2.8 billion
Reasons:
– Drying up of revenue
– Drying up of bond market
– Still need to pay expenses
– Drying up of commercial paper market
– Potential credit freeze in near future
Links
Big Firms Draw Down Billion Dollar Credit Lines
Businesses Face a New Coronavirus Threat: Shrinking Access to Credit
US companies eye credit lines as pandemic worsens, uncertainty soars
Banks scramble as companies rush to tap back-up credit lines
