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NiSource enters $1.85 billion restated revolving facility due 2021
By Marisa Wong
Morgantown, W.Va., Nov. 28 – NiSource Inc. entered into a fourth amended and restated revolving credit agreement for a $1.85 billion facility due Nov. 28, 2021, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement expands and extends the company’s existing $1.5 billion revolving credit facility set to mature on July 1, 2020.
Barclays Bank plc, JPMorgan Chase Bank, NA, MUFG, Credit Suisse Securities (USA) LLC, Citigroup Global Markets, Inc. and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners with Barclays Bank as administrative agent, JPMorgan Chase Bank and MUFG as co-syndication agents, Citibank, NA, Credit Suisse AG, Cayman Islands Branch and Wells Fargo Bank, NA as co-documentation agents.
NiSource Finance Corp. is the borrower, and NiSource is the guarantor under the amended credit agreement.
Up to $150 million of the facility will be available in the form of standby letters of credit.
NiSource Finance may increase the facility by up to an additional $500 million.
Interest is equal to Libor plus an applicable margin ranging from 90 basis points to 147.5 bps, based on the company’s ratings. The applicable margin would be 107.5 bps based on current ratings.
Other than the increased size and extended term, the amended credit agreement shares similar terms with the existing credit agreement, including financial and other covenants and events of default.
NiSource is a Merrillville, Ind., company with businesses in natural gas transmission, storage and distribution, and electricity generation, transmission and distribution.
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