Project financed with existing credit

If a company says that a future project is going to be financed with existing credit facilities, does both the Cash flow from Financing (cash flow statement) and Debt (balance sheet) go up? Capital expenditures would go up, but is the existing credit considered a cash infusion during the year?

not a level III question but here goes: Say the project requires $10 of capital used to purchase assets (so we assume $0 of project related income during the year). Debt rises $10. Assets Rise $10. Cash flow from financing rises $10. Cash flow from investing decreases $10. Total change in cash position = $0. You can also take it a step further by assuming there would be a depreciation cost that would lower net income, increase cash by the value of the depreciation tax shield, thus increasing shareholders equity by the value of the depreciation tax shield. This then means that the debt would rise slighly less than $10 in our example (so shareholders equity and the increase in debt would equal $10) and the ending change in the cash balance would remain $0.