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In a massive move, Reuters reported that Boeing drew down a whopping $13.8B line of credit. The entire line. Think about that. Hilton has drawn down $1.75 Billion in revolving credit, United $2B, Wynn $850M, and Royal Carribean Cruises $550M. You can see a list of even more corporate drawdowns here.
Current market conditions are horrendous and companies need capital to ensure liquidity – that’s for sure. Even more so…extra cash on the balance sheet when interest rates are so low doesn’t hurt. But, what I wonder, and if you read this article here, which mildly hints at it, is whether fear of access to that capital is driving the corporate moves to large drawdowns vs the need to finance business activity.
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