Engine-monitoring systems maker, Meggitt, has secured a $700 million credit line, Bloomberg reports. The company intends to use the proceeds to refinance existing debt. The five-year revolving credit, which was arranged by 12 banks, has replaced a loan signed in 2007. The previous loan was provided by Bank of America Merrill Lynch, Lloyds Banking Group, BNP Paribas and Barclays Capital.

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