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Chicago Mercantile Exchange renews $7 billion 364-day line of credit
By Wendy Van Sickle
Columbus, Ohio, Nov. 10 – Chicago Mercantile Exchange Inc. renewed its $7 billion 364-day multi-currency credit facility on Nov. 5, according to an 8-K filed with the Securities and Exchange Commission.
BofA Merrill Lynch, Bank of China, Chicago Branch, Barclays Bank plc, BMO Harris Bank NA, Citibank, NA, Commerzbank AG New York Branch, Lloyds Bank plc, Bank of Tokyo-Mitsubishi UFJ, Ltd., United Overseas Bank Ltd, New York Agency, and Wells Fargo Bank, NA are the joint lead arrangers and joint bookrunners.
Bank of America, NA is the administrative agent; Deutsche Bank Trust Co. Americas is the collateral agent; Bank of China, Chicago Branch, Barclays Bank plc, BMO Harris Bank NA, Citibank, NA, Commerzbank AG, New York Branch, Lloyds Bank plc, Bank of Tokyo-Mitsubishi UFJ, Ltd., United Overseas Bank Ltd., New York Agency, and Wells Fargo Bank, NA are the syndication agents; and Bank of Nova Scotia is the documentation agent.
Chicago Mercantile may increase the line of credit up to $10 billion.
The line of credit is to provide temporary liquidity to Chicago Mercantile in circumstances where the company is entitled to use the guaranty fund, performance bonds and other collateral of its clearing members to satisfy any outstanding obligations of any defaulting clearing member to the company and in circumstances where problems exist with a money transfer system that affect operations.
The credit facility is collateralized by clearing firm guaranty fund contributions and performance bond assets held by Chicago Mercantile.
Chicago Mercantile Exchange is a publicly traded U.S. financial exchange.
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