Oncor Electric borrows additional $185 million under term loan

By Wendy Van Sickle

Columbus, Ohio, March 29 – Oncor Electric Delivery Co. LLC borrowed an additional $185 million under a term loan credit agreement dated Jan. 28 with PNC Bank, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

Oncor previously borrowed $400 million and $600 million on Jan. 28 and Feb. 28, respectively, under the agreement which provides for up to $1.3 billion of term loans that may be drawn until April 28.

The borrower used the proceeds of the additional loans for general corporate purposes, including repayment of outstanding commercial paper notes.

Borrowings bear interest at SOFR plus 57.5 basis points.

The loan matures on April 23, 2023.

The lender group was led by PNC Bank, NA as administrative agent with joint lead arrangers and joint bookrunners PNC Capital Markets LLC, U.S. Bank NA, Sumitomo Mitsui Banking Corp. and Wells Fargo Securities LLC and co-syndication agents U.S. Bank NA, Sumitomo Mitsui Banking and Wells Fargo Securities.

Oncor is an electric utility based in Dallas.

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