Allegheny Energy $700 million credit facility to launch Tuesday

By Sara Rosenberg

New York, May 18 - Allegheny Energy Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $700 million senior unsecured credit facility, according to a market source.

Citigroup and Scotia are the lead banks on the deal, with Citigroup the left lead.

The facility consists of a $400 million five-year revolving credit facility and a $300 million five-year term loan, the source said.

Commitments will be pro rata for the revolver and term loan.

Proceeds from the credit facility will be used to refinance an existing credit facility and redeem some existing bonds.

Existing senior unsecured ratings for Allegheny are B1/B.

Allegheny is a Greensburg, Pa., diversified utility holding company.

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