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During the past 3 weeks, more than 130 companies in Europe and the US have drawn at least $124.1bn from their lenders. The true figure is likely to be much higher, since publicly traded companies are not required to report the drawdowns immediately and privately held groups often have no obligation to announce them at all.
Among the first to tap credit lines in this crisis were companies such as Norwegian Cruise Line and Hilton Worldwide, which were acutely hit by fallout from the global health pandemic as customers cancelled trips. But nearly every other industry followed. Car manufacturer Ford borrowed $15.4bn and announced it would shut down factories to preserve cash; brewer Anheuser-Busch InBev raised $9bn as taps stopped flowing; and TJ Maxx-owner TJX and Kohl’s each drew $1bn as they closed stores.
https://www.ft.com/content/6b299c42-6c66-11ea-89df-41bea055720b
