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Consumer drawdowns fade in April amid broader drop in pandemic-related borrowing

Consumer companies slowed their coronavirus-related credit drawdowns in April but still accounted for more than a third of total borrowing during the month and more than half of the more than $252 billion drawn by businesses since March 5.

Companies across all sectors drew about $32.14 billion collectively in April, piling on the $219.87 billion borrowed in March and pushing total borrowing to $252.02 billion during the period, according to LCD, a division of S&P Global Market Intelligence. Fewer companies tapped their revolvers in April to preserve cash during the coronavirus pandemic, which has shuttered business operations around the globe.

The data represents a best-efforts analysis by LCD and is not comprehensive. LCD tracked more than 539 corporations that have drawn from their revolving lines of credit by looking at their public disclosures from March 5 through April 30.

Consumer companies account for the largest portion of the total borrowing, tapping $132.09 billion in March and $12.81 billion in April. Consumer discretionary companies accounted for 46.2% of the total recorded drawdowns across all sectors, while consumer staples accounted for 11.3%.

American Airlines Group Inc. drew the most during April, borrowing $2.73 billion from its credit line. Hotel operator Marriott International Inc., which drew about $2.5 billion in March, tapped another $2 billion in April.

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