InfraREIT debt repaid by Oncor Electric Delivery upon acquisition

By Angela McDaniels

Tacoma, Wash., May 16 – Oncor Electric Delivery Co. LLC completed its acquisition of InfraREIT, Inc. and extinguished all of InfraREIT’s outstanding debt, according to an 8-K filing with the Securities and Exchange Commission.

InfraREIT’s debt totaled about $953.35 million principal amount at closing.

Oncor repaid approximately $602.5 million principal amount on behalf of InfraREIT’s subsidiaries using proceeds from a new $600 million term loan due Nov. 9, 2019 and the issuance of commercial paper.

Oncor also exchanged about $350.85 million principal amount of secured senior notes issued by InfraREIT subsidiaries Sharyland Distribution & Transmission Services, LLC and Transmission and Distribution Co., LLC for secured senior notes issued by Oncor.

Oncor is an electric company based in Dallas and InfraREIT is a Dallas-based real estate investment trust.

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