AOL terminates credit facility

NEW YORK, USA: AOL Inc has terminated its secured credit agreement, according to a regulatory filing released on Friday.

The company said it canceled a $250 million senior secured revolving credit facility from Bank of America because of its current cash balance and projected cash flow from operations.

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AOL said it did not borrow under the terms of the credit facility, which was set to expire on Dec. 8, 2010.

AOL did not pay any penalties as a result of the early termination