Oncor Electric borrows final $115 million under $1.3 billion term loan

By Wendy Van Sickle

Columbus, Ohio, May 2 – Oncor Electric Delivery Co. LLC borrowed the remaining $115 million under a $1.3 billion 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.

The final draw was made on April 28, which was the final day of the availability period under the term loan.

Oncor previously borrowed $400 million, $600 million and $185 million on Jan. 28, Feb. 28 and March 28, respectively.

The borrower will use the proceeds of the additional loans for general corporate purposes.

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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