Businesses around the world are facing increased capital costs as a result of the credit crunch, according to a new study by Greenwich Associates.

The firm’s research, based on a survey of 300 companies from Euope, Asia and the United States in February, found that a majority of them are paying higher prices for bank credit lines and long-term debt issues, and are being forced to accept tighter terms and covenant restrictions on loans.

It reports that 60% to 65% of the companies participating in the study say pricing for revolving credit facilities has increased, and 65% to 70% say costs have risen on bank term loans as well. Over 50% of companies say they are paying higher rates on commercial paper programs, and 70% say the cost of issuing long-term debt has increased — including more than a quarter reporting that the cost has risen “significantly.” About 60% of companies say it has become more expensive to issue asset-backed securities and about 70% say costs associated with structured finance transactions have increased since the start of the global credit crisis.

European companies told Greenwich that commitment fees on revolving credit facilities have increased by approximately 10 basis points on average, and spreads have widened by 20-25 bps. Term loan commitment fees are up 5-10 bps, they say, and spreads on term loans have widened by 25-30 bps.

U.S. companies estimate that commitment fees on revolving credit lines have increased 15-20 bps since the start of the crisis and spreads have widened 55-60 bps. Term loan commitment fees appear to have increased roughly 25 bps on average, while spreads have widened by more than 100 bps.

Asian companies report that banks have increased commitment fees by 10-15 bps on average, that spreads on revolvers have widened by 85-90 bps, and term loan spreads have widened more than 110 bps.

Also, it found that almost 55% of companies say banks are imposing tighter terms and covenants on loans, particularly for smaller companies and those with below-investment grade credit ratings.

Nearly 20% of companies say that they have had to significantly alter their funding strategies. “Overall, these companies report that they are trying to avoid the need to raise new funding by taking a more active approach to managing cash flows,” the Greenwich report noted. “At the same time, they are trying to lock in and extend existing bank credit facilities while becoming more strategic in the management of their commercial paper programs. In addition, some companies are looking to diversify their credit sources with alternatives such as receivables securitization, sale-leasebacks or other options.”

“Our research suggests that companies around the world are adjusting strategies in response to the credit crunch and preparing for a likely economic downturn, but they are certainly not panicked. Rather, they seem to be taking a series of necessary and logical steps towards preserving access to the capital they need to run their businesses,” observed Greenwich Associates consultant John Colon.

Most of the companies surveyed also expect economic conditions to deteriorate in the next six months, Greenwich said, 20% predict no change in the economy over the next six months and about 10% expect economic conditions to improve. Of those expecting a slump, approximately 75% of those expect the downturn to last between 12 and 18 months, 12% see recovery within six months, and 15% suggest the slowdown will last two years or longer.