Textron draws balance of credit lines
9:16 AM Wed, Feb 04, 2009 | Permalink
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Providence-based Textron (TXT:NYSE) said this morning it has drawn the balance of the $3 billion committed bank credit lines available to the company and its commercial finance subsidiary, Textron Financial Corporation. After repayment of all commercial paper outstanding, this will provide the enterprise with added cash liquidity of approximately $1.2 billion. Amounts borrowed under the credit lines will not be due for repayment until April of 2012. "We believe the additional liquidity puts Textron and TFC in a strong position for 2009 and beyond. It is prudent to ensure cash liquidity in the current environment, and the bank credit lines provide such liquidity at very attractive terms. This liquidity strengthens Textron and will put TFC in a stronger position as it executes its downsizing strategy," said Textron Chairman and CEO Lewis B. Campbell. 
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