The Company replaced its existing facility to extend the maturity of the facility and to reduce the interest paid and fees associated with the used and unused portions of the facility. Borrowings of $750 million under the existing facility were repaid at its termination and simultaneously re-borrowed under the new facility. The Company plans to use the credit facility for general corporate purposes.
"CA's ability to enter into a new facility with more favorable terms in the current capital market environment is testament to the Company's strengthening financial position," said Chief Financial Officer Nancy Cooper. "It provides CA with increased financial flexibility as it assesses upcoming maturities and capital requirements."-CA news
