Allete gets $115 million 364-day term loan, borrows $95 million

By Wendy Van Sickle

Columbus, Ohio, April 13 – Allete, Inc. entered into a $115 million term loan agreement and borrowed $95 million upon execution on April 8, according to an 8-K filing with the Securities and Exchange Commission.

The unsecured term loan provides for an additional draw of $20 million on or after July 1.

The term loan is due on April 7, 2021, and may be repaid at any time.

Interest is equal to Libor plus 170 basis points with a 0.75% Libor floor.

Proceeds will be used for general corporate purposes.

The energy company is based in Duluth, Minn.

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