Vectren Capital arranges $100 million term loan at Libor plus 100 bps

By Toni Weeks

San Luis Obispo, Calif., Aug. 13 - Vectren Capital. Corp. entered into a $100 million three-year term loan agreement on Aug. 6 with Bank of America, NA as administrative agent, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Parent company Vectren Corp. is the guarantor.

Borrowings will initially accrue interest at Libor plus 100 basis points. The margin will range from 87.5 bps to 162.5 bps depending on the company's corporate credit rating.

BofA Merrill Lynch was the sole lead arranger and sole book manager. Lenders also include Wells Fargo Bank, NA, Union Bank, NA, Fifth Third Bank, Huntington National Bank, Branch Banking and Trust Co. and Old National Bank.

Proceeds were used to repay short-term borrowings outstanding under Vectren Capital's credit facility, the filing said.

Vectren is an Evansville, Ind.-based energy holding company.

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