Univision Draws Down $700 Million of its Bank Line

Univision Communications Inc., the largest U.S. Spanish language broadcaster, drew $700 million from its bank credit line to repay maturing debt after selling its music division for less than planned.

...

Univision's decision to tap the bank line follows similar moves by Sprint Nextel Corp. and CIT Group Inc. and adds to pressure on banks as they try to rein in lending. If the slump in credit markets continues, companies may increasingly use their credit lines if they are concerned they won't get money elsewhere, Morgan Stanley analysts said yesterday.