Chicago Mercantile Exchange renews $7 billion 364-day line of credit

By Marisa Wong

Morgantown, W.Va., Nov. 7 – Chicago Mercantile Exchange Inc. renewed its 364-day multicurrency credit facility on Nov. 2, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The $7 billion line of credit is intended to provide the company with temporary liquidity in the event of a clearing member default, a liquidity constraint or depositary default or in the event of temporary delays in the payment systems used by the company.

Chicago Mercantile may increase the line of credit up to $10 billion.

Obligations under the credit facility will be collateralized by the guaranty fund contributions and performance bond assets deposited by clearing members with Chicago Mercantile.

The joint lead arrangers and joint bookrunners are Bank of America Merrill Lynch; Bank of China, Chicago Branch; BMO Harris Bank NA; MUFG; Barclays Bank plc; Citibank, NA; Commerzbank AG, New York Branch; Lloyds Bank plc; United Overseas Bank Ltd., New York Agency; Wells Fargo Bank, NA; Bank of Nova Scotia; Agricultural Bank of China Ltd., New York Branch; TD Securities (USA) LLC; and Industrial and Commercial Bank of China Ltd., New York Branch.

Bank of America, NA is the administrative agent. Citibank is the collateral agent. Bank of China, BMO Harris, MUFG, Barclays, Citibank, Commerzbank, Lloyds, United Overseas Bank, Wells Fargo, Scotiabank, Agricultural Bank of China, TD Securities and ICBC are the syndication agents.

Chicago Mercantile Exchange is a publicly traded U.S. financial exchange and a subsidiary of CME Group Inc.

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