(Reuters) – Caterpillar Inc (CAT.N) is in talks with banks for a new $3 billion nine-month revolving credit facility, Bloomberg bloom.bg/34nIvAB reported on Thursday, citing people familiar with the matter.

The world’s biggest construction and mining equipment maker raised $2 billion through the bond market on Monday. It currently has about $10.5 billion in revolving credit facilities.

Late last month, Caterpillar said it would withhold annual salary increases for senior executives, managers and salaried employees to contain costs due to the impact of the coronavirus epidemic on its business.

The company also withdrew its 2020 earnings forecast and suspended some operations, citing uncertainty caused by the pandemic, which has dented equipment sales and hit supply chains.

The rapid spread of the virus, which has infected 1.5 million people globally and led to nearly 90,000 deaths, has forced countries into lockdowns, disrupting everything from businesses to everyday life.

Since the outbreak, leading companies across the world have been rushing to bolster their liquidity position as the fast-pandemic wreaks havoc on the global economy.

Caterpillar did not immediately respond to a request for comment.

Reporting by Rachit Vats in Bengaluru, additonal reporting by Saumya Sibi Joseph; Editing by Aditya Soni and Anil D’Silva

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Amazon bars one million products for false coronavirus claims

(Reuters) – Amazon.com Inc has barred more than 1 million products from sale in recent weeks that had inaccurately claimed to cure or defend against the coronavirus, the company told Reuters on Thursday. Amazon also removed tens of thousands of…

US investigating why jet dumped fuel on kids

LOS ANGELES — Some aviation experts said Wednesday that they were puzzled after the crew of a commercial airliner decided to dump fuel at low altitude during an emergency landing, causing a vapor to fall on schoolyards and neighborhoods east…

Asian stocks find support after ECB purchase program

SINGAPORE (Reuters) – Asian stock markets fought to stabilize on Thursday, as the latest promise of stimulus from the European Central Bank propped up sentiment while the world struggles to contain the coronavirus pandemic. U.S. stock futures EScv1 turned positive…

Google Chrome users may have been impacted by a massive spying campaign, report says

San Francisco (CNN Business)Google Chrome extensions downloaded more than 32 million times were used to spy on the popular browser’s users in a massive global surveillance campaign, according to a new report. The report, from cybersecurity firm Awake Security, found…