Unitil amends and restates $120 million five-year credit agreement

By Sarah Lizee

Olympia, Wash., July 31 – Unitil Corp. amended and restated its $120 million credit agreement on July 25 with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The borrowing limit includes a $25 million sublimit for the issuance of standby letters of credit.

The company may increase the borrowing limit by up to $50 million under some circumstances.

Borrowings bear interest at Libor plus 112.5 basis points.

Unitil may irrevocably reduce or terminate the unused portion of the commitments under the facility at any time without penalty.

The facility matures July 25, 2023, subject to two one-year extensions.

The company may prepay amounts outstanding under the facility at any time without premium or penalty, other than breakage costs.

Under the agreement, Unitil’s funded debt to capitalization cannot exceed 65% tested on a quarterly basis.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the lead arranger and bookrunner. Citizens Bank, NA is the syndication agent.

Unitil is a New England gas and electric utility based in Hampton, N.H.

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