Today's LIBOR Rates
1 M |
0.31563 |
 |
3 M |
0.47500 |
|
6 M |
0.68794 |
|
1 YR |
1.06438 |
|
FREE Newsletter
Recommended Links
 |
Schwak, Inc. Refinances LIBOR-Based Credit Facility |
January 13, 2010
According to a company press release, Schwak, Inc., a brand point management firm, has refinanced its LIBOR-based credit facility. LIBOR stands for London Interbank Offered Rate and is a filtered average of rates that banks charge each other for unsecured, short-term loans.
The new $90 million revolving credit facility replaces an $80 million facility that was due to expire this month. The varying interest rate on the new facility is based on a margin above LIBOR and will be 175 basis points lower than the previous facility. At press time, the margin was LIBOR plus 300 points. The unutilized portion of the new LIBOR-based credit facility will be used for general corporate purposes. J.P. Morgan Securities, Inc., Bank of America, JPMorgan Chase Bank N.A., PNC Bank, Wells Fargo Bank, and Wintrust Financial Corporation are participating financial institutions.