Cargill Inc. has positioned itself to borrow up to $1.25 billion for unspecified uses.
The company said the funds represent the renewal of an existing "revolving credit facility" established a year ago, and that it would be "drawn upon if needed."
The new credit arrangement is through a group of 26 banks, and the amount was increased from an initial goal of borrowing $1 billion. The loan terms are good for 364 days.
The Wayzata-based agricultural giant is the world's largest privately owned company, and its operations and business interests circle the globe. The lenders for the $1.25 billion loan reflect Cargill's international nature. They include Australia and New Zealand Banking Group., the Bank of Tokyo-Mitsubishi, Deutsche Bank, Royal Bank of Scotland Group, Arab Bank, Lloyds Banking Group and Oversea-Chinese Banking Corp.
STEVE ALEXANDER
