easy · Debt Capital Markets primary-issuance-syndication

Which party in a syndicated loan typically provides the 'swingline' funding directly to the borrower?

1. The institutional bondholders holding the issuer's senior notes.
2. The Swingline Lender (usually the Administrative Agent or a lead bank).
3. The financial sponsor, funding the draw from its own equity cash reserves.
4. All syndicate lenders simultaneously, each advancing its committed pro-rata share.

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