Definition of multicurrency note facility

short-term or medium-term euronote financing denominated in several currencies. The facility allows the borrower to choose the currencies to draw in successive rollover periods, when the loan is refinanced. It is the riskiest credit facility for the borrower, because the lender has the right to set the currency in which the loan will be paid off. The loan will reprice periodically, say every six months, in different currencies, depending on the lender's perception of currency risk in the transaction.