Vectren Utility, Vectren Capital close on five-year credit agreements

By Tali Rackner

Norfolk, Va., Nov. 5 – Vectren Utility Holdings, Inc. and Vectren Capital Corp. each closed on a new five-year credit facility on Oct. 31, according to filings with the Securities and Exchange Commission.

Vectren Utility closed on a $350 million credit facility with a $40 million swingline limit and a $100 million letter-of-credit sublimit.

Vectren Capital Corp. obtained a $250 million credit facility with a $40 million swingline limit and a $50 million letter-of-credit sublimit.

Both facilities replace previous credit agreements and mature on Oct. 31, 2019.

Borrowings under both facilities bear interest at Libor plus 87.5 basis points to 175 bps, based on corporate credit ratings. There is a commitment fee of 7.5 bps to 27.5 bps.

For the Vectren Utility agreement, Bank of America, NA is the administrative agent, swingline lender and letter-of-credit issuer, and Wells Fargo Bank, NA, JPMorgan Chase Bank, NA and MUFG Union Bank, NA are co-syndication agents and letter-of credit issuers.

For the Vectren Capital agreement, Wells Fargo Bank is the administrative agent, swingline lender and letter-of-credit issuer, and Bank of America, JPMorgan Chase and MUFG are co-syndication agents and letter-of-credit issuers.

Wells Fargo Securities, Inc., J.P. Morgan Securities Inc. and MUFG are joint lead arrangers and bookrunners on both deals.

Vectren Utility Holdings is an Evansville, Ind.-based subsidiary of energy company Vectren Corp. and the intermediate holding company for Vectren’s three operating public utilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.