Oncor Electric Delivery draws remaining $175 million on term loan

By Marisa Wong

Los Angeles, May 17 – Oncor Electric Delivery Co. LLC borrowed the remaining $175 million available under its term loan agreement dated March 17, according to a 424B3 filing with the Securities and Exchange Commission.

The borrowing made on May 14 follows an initial $170 million draw in March and a further $105 million draw in April. As a result, Oncor has borrowed the entire $450 million available under the term loan, and no additional amounts remain available.

The term loan could be borrowed through up to four draws to be made at any time before June 4.

Oncor intends to use the proceeds for general corporate purposes, including repayment of outstanding commercial paper notes.

Borrowings bear interest at a Libor plus 65 basis points.

Wells Fargo Bank, NA is the administrative agent for the term loan, which matures on May 17, 2022.

Oncor is an electric utility based in Dallas.

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