Allegheny Energy seeks $587 million all pro rata credit facility

By Sara Rosenberg

New York, May 2 - Allegheny Energy Inc. has launched an all pro rata $587 million credit facility that will be used to refinance its existing credit facility, according to a market source.

Citigroup is the lead bank on the deal.

The facility consists of a $400 million revolver and a $187 million term loan A, with both tranches talked at Libor plus 100 basis points, the source said. The revolver has an undrawn fee of 25 bps.

The deal was launched on Monday after information was sent to banks. No formal bank meeting or conference call was held.

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

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