Summary
CME Group Inc. (CME) announced the entry into a new multi-currency revolving credit facility, referred to as the Senior Credit Facility, effective November 21, 2017. This new facility replaces the company's previous credit agreement and provides a substantial line of credit amounting to $2.25 billion, with an option to increase it to $3.0 billion. The primary purpose of this facility is to support ongoing working capital needs and general corporate purposes, offering flexibility through voluntary pre-payment without penalty. The maturity date for this new credit facility is set for November 21, 2022. The agreement includes standard representations, warranties, covenants, and events of default, such as maintaining a minimum consolidated net worth and customary limitations on liens, subsidiary indebtedness, and fundamental changes. This refinancing demonstrates CME Group's proactive approach to managing its financial resources and ensuring robust liquidity for its operations.
Key Highlights
- 1CME Group Inc. established a new $2.25 billion multi-currency revolving credit facility (Senior Credit Facility).
- 2The facility has an accordion feature allowing an increase up to $3.0 billion.
- 3The Senior Credit Facility has a maturity date of November 21, 2022.
- 4Proceeds are designated for working capital and general corporate purposes.
- 5The new facility replaces the previous credit agreement dated March 19, 2015.
- 6The agreement includes standard covenants such as maintaining minimum consolidated net worth.
- 7The facility is voluntarily pre-payable without penalty, offering financial flexibility.