View from the Willis Tower in Chicago, Illinois, U.S., on Feb. 13, 2013. Photo by Tim Boyle/Bloomberg

Chicago, which faces a roughly US$1 billion budget gap next year, has increased a revolving line of credit with RBC Capital Markets by US$100 million and extended the maturity date by more than two years, according to an amendment to an agreement dating to December 2021.

The city requested and RBC Capital Markets and Royal Bank of Canada agreed to boost the line to US$325 million, with a maturity date of June 1, 2028, according to the amendment dated Sept. 29 that was modified on Oct. 13. It’s the second amendment to the original agreement, which was previously for US$225 million with a maturity of Nov. 30, 2025.

The increase and extension come ahead of Mayor Brandon Johnson’s budge

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