CME Group subsidiary renews up to $3 billion revolving facility

By Jennifer Chiou

New York, Nov. 17 - CME Group Inc. subsidiary Chicago Mercantile Exchange Inc. entered into on Nov. 14 a renewal of its 364-day revolving credit facility with JPMorgan Chase Bank, NA as administrative agent and collateral agent and Bank of America, NA as syndication agent, according to an 8-K filing with the Securities and Exchange Commission.

BMO Harris Bank NA was the documentation agent with J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. as joint lead arrangers.

The facility provides for a line of credit up to $3 billion to provide temporary liquidity in circumstances where Chicago Mercantile Exchange is entitled to use the guaranty fund, performance bonds and other collateral of its clearing members to satisfy any outstanding obligations of any defaulting clearing member to the company.

The line of credit may be increased to $5 billion, but the participating banks are not obligated to comply with increase requests.

CME is a Chicago-based operator of two self-regulatory futures exchanges.

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