Avangrid group borrows $3.75 billion revolving credit facility

Chicago, Nov. 24 – Avangrid, Inc. signed a revolving credit facility with a number of joint borrowers for $3.75 billion with a syndicate of banks, according to an 8-K filing with the Securities and Exchange Commission.

Listed as borrowers on the revolver are New York State Electric & Gas Corp., Rochester Gas and Electric Corp., Central Maine Power Co., United Illuminating Co., Connecticut Natural Gas Corp., Southern Connecticut Gas Co. and Berkshire Gas Co.

The maximum sublimit for each of the borrowers ranges from $700 million to $50 million.

The facility will be expanded to $4 billion after the merger of Public Service Co. of New Mexico and Texas-New Mexico Power Co.

The facility replaces a June 29, 2018 revolver for $2.5 billion on substantially similar terms.

The new facility contains rating-sensitive pricing and pricing that is sensitive to the borrower’s consolidated greenhouse gas emissions intensity.

The interest rate moves between Libor plus 69 basis points and 147.5 bps broken into six investment-grade tiers.

The facility fee is from 10 bps to 22.5 bps.

The revolver matures Nov. 22, 2026.

Mizuho Bank, Ltd. is the administrative agent.

MUFG Bank, Ltd., BBVA, SA New York Branch and Santander Bank, NA are the co-documentation agents.

BofA Securities, Inc. and JPMorgan Chase Bank, NA are the co-syndication agents.

BBVA is the sustainability agent.

Mizuho Bank, Ltd., BofA Securities, Inc., JPMorgan Chase Bank, NA, MUFG Bank, Ltd., BBVA Securities Inc. and Santander Bank, NA are the joint lead arrangers and joint bookrunners.

Avangrid is a utility based in Orange, Conn.

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