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NorthWestern gets order approving amendments extending DIP maturity
By Jeff Pines
Washington, July 15 - NorthWestern Corp. obtained approval to extend the maturity of its debtor-in-possession financing and lower the fees on its letter of credit facility, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.
The order extends the maturity of the DIP to Dec. 31, 2004 from Sept. 12 and lowers the letter of credit fees to 250 basis points from 300 basis points of the average daily undrawn amount under each facility letter of credit. In June, the company reduced its revolver to $50 million from $75 million.
The order also approves an agreement between NorthWestern and Bank One amending and expanding NorthWestern's financial covenants.
The Sioux Falls, S.D.-based provider of electricity and natural gas will also pay $114,582 in extension fees to Bank One Capital Markets, Inc. as arranger.
NorthWestern filed for bankruptcy on Sept. 14, 2003. NorthWestern's Chapter 11 case number is 03-12872.
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