Chugach Electric extends facility, modifies pricing, updates lenders

By Marisa Wong

Madison, Wis., July 5 - Chugach Electric Association, Inc. amended its 2010 credit agreement on June 29 to extend the term of the facility, modify pricing and change the list of participating banks, according to an 8-K filing with the Securities and Exchange Commission.

The $100 million credit facility now expires on Nov. 17, 2016.

Based on Chugach's current A-/A3 unsecured debt rating, interest is now equal to Libor plus 107.5 basis points. The facility fee is equal to 17.5 bps.

With the amendment, the participating banks are National Rural Utilities Cooperative Finance Corp., KeyBank NA, Bank of America, NA, Bank of Montreal, CoBank, ACB and Chang Hwa Commercial Bank, Ltd., Los Angeles Branch.

According to the filing, in addition to the 2010 credit agreement, Chugach maintains a banking relationship with KeyBank, a $50 million line of credit with National Rural and a separate term loan with CoBank, which includes an outstanding promissory note.

The electric utility is based in Anchorage.

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