Amazon Secures $2 Bln Credit Facility

By RTTNews Staff Writer ✉ | Published: 9/5/2014 11:55 PM ET

Amazon.com Inc. (AMZN) said in its regulatory filing that it has secured $2 billion credit facility to boost the Web retailer's investments in new businesses.

The credit announcement comes three days after Amazon said that Senior Vice President and Chief Financial Officer Thomas Szkutak will retire in June 2015 and to be succeeded by Brian Olsavsky, Vice President of Finance for the company's global consumer business.

The company said that the credit agreement with Bank of America Corp.(BAC) is for two years and it may be extended for up to three additional one-year terms if approved by the lenders.

Amazon specified that the borrowings under deal may be used for working capital, capital expenditures, acquisitions, and other corporate purposes.

Last month, Amazon agreed to buy Twitch Interactive Inc., a video-game streaming service, for $970 million in cash and has committed to investing $2 billion in its business in India.

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