Chugach Electric ups credit facility to $300 million, extends to 2024

By Rebecca Melvin

New York, Aug. 2 – Chugach Electric Association, Inc. has entered into the first amendment to its credit facility, increasing the facility to $300 million from $150 million, and extending the maturity date to July 30, 2024 from June 13, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement was transacted with NRUCFC, Bank of America, NA, KeyBank NA, Wells Fargo Bank NA and CoBank, ACB, which added Wells Fargo to the list of banks involved in the initial facility.

The amendment also includes provisions for calculating interest on loans in ways other than Libor, and permits Chugach to enter into a bridge financing to fund its acquisition of Anchorage Municipal Light & Power, of not in excess of $800 million for a term of up to 18 months.

This debt is in addition to other debt permitted to be incurred under the existing credit facility. Other terms of the credit agreement remain materially the same.

The electric utility is based in Anchorage.

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