COLUMBUS, Ohio -- Borden Inc. said it has obtained a commitment from Citibank and Credit Suisse for a $1.4 billion, 2 1/2-year credit facility.
The commitment is subject to customary conditions before closing, Borden said. The amount will be underwritten in equal shares by the two banks.
The facility will be used as backup for commercial paper borrowings. It will replace a revolving facility that expires in September and other backup credit facilities, and will enable consolidation of other financings in place.