Commercial truck maker Paccar renews $2 billion credit facility

Paccar renews $2 billion credit facility

BELLEVUE, Wash. — Commercial truck maker Paccar Inc. said Friday it has renewed its $2 billion syndicated one-year credit facility through June 2010.

An additional existing $1 billion credit facility matures in June 2012.

The bank credit facilities provide backup liquidity for the Bellevue, Wash.-based company’s commercial paper and medium-term notes.

The credit facility was renewed with more than 20 banks, said Ron Armstrong, senior vice president, in a statement.

“Paccar’s strong balance sheet continues to provide the company with a significant competitive advantage in meeting the capital requirements of our finance companies and manufacturing operations,” he said.

Paccar designs and manufactures light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. It also provides financial services, information technology and aftermarket support for customers.

Shares fell 69 cents, or 2 percent, to close at $31.54.