National Fuel expands revolver to $250 million, extends maturity

By Taylor Fox

New York, Feb. 4 – National Fuel Gas Co. amended its 364-day credit agreement dated May 4, 2020 to increase the revolver commitments to $250 million and extend the maturity date to Dec. 30, 2022, according to an 8-K filing with the Securities and Exchange Commission.

The company also modified borrowing rates under the credit agreement. Loans now bear interest at adjusted Libor plus an applicable margin ranging from 132.5 basis points to 175 bps, depending on the company’s credit ratings.

In addition, the facility fee was updated to range from 17.5 bps to 25 bps, also based on ratings.

The proceeds may be used for general corporate purposes, including for working capital, capital expenditure and other corporate purposes and to fund some permitted acquisitions and other investments.

JPMorgan Chase Bank, NA is the administrative agent, and JPMorgan Chase Bank, Bank of America NA, Wells Fargo Bank, NA, HSBC Bank USA, Nam Canadian Imperial Bank of Commerce, New York Branch, U.S. Bank NA, KeyBank, NA, Citizens Bank NA, PNC Bank, NA, M&T Bank Corp. Truist Bank and Comerica Bank are lenders.

National Fuel Gas is a Williamsville, N.Y.-based energy company.

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