Oncor Electric Delivery enters $350 million 364-day term loan

By Wendy Van Sickle

Columbus, Ohio, March 24 – Oncor Electric Delivery Co. LLC entered into a $350 million 364-day term loan credit agreement on Monday with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC and U.S. Bank NA are the joint lead arrangers and bookrunners.

The principal amount may be increased at Oncor’s option with the agreement of one or more existing or additional lenders by between $50 million and $100 million prior to Oncor’s first borrowing under the term loan.

The March 22, 2021 maturity date may be extended once to a date no later than Sept. 24, 2021, subject to payment of an extension fee.

As of Tuesday, there were no advances made under the term loan.

Borrowings will bear interest at Libor plus 67.5 basis points.

Proceeds may be used for working capital and general corporate purposes.

Oncor is an electric utility based in Dallas.

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