Nevada Power gets $400 million revolver at Libor plus 87.5-175 bps

By Susanna Moon

Chicago, June 27 – Nevada Power Co., doing business as NV Energy, obtained an amended $400 million secured revolving credit facility due March 23, 2018.

Interest on the loans will be Libor plus 87.5 basis points to 175 bps, based on the company’s ratings.

The company entered into the amended credit agreement with Wells Fargo Bank, NA as administrative agent on Friday, according to 8-K filing with the Securities and Exchange Commission.

RBS Securities Inc. is the global coordinator; RBS Securities, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Bank of Nova Scotia and Union Bank, NA are the joint lead arrangers and bookrunners.

Royal Bank of Scotland plc and JPMorgan Chase Bank, NA are the syndication agents. Bank of Nova Scotia and Union Bank are the documentation agents.

Nevada Power may upsize the facility by up to $150 million.

The facility amends and restates Nevada Power’s previous $500 million secured revolving credit facility with Wells Fargo as administrative agent, set to expire in March 2017.

Proceeds will be used for general corporate purposes and for the issuance of letters of credit.

The facility is secured by a general and refunding mortgage bond of Nevada Power, which is equal to the amounts due and payable by Nevada Power under the facility from time to time.

The facility includes a financial covenant that requires Nevada Power to maintain a ratio of consolidated debt to consolidated capital of no more than 0.68 times.

The electric utility is a wholly owned subsidiary of Las Vegas-based NV Energy, Inc.

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