Oncor Electric Delivery extends $350 million term loan to June 2021

By Sarah Lizee

Olympia, Wash., June 25 – Oncor Electric Delivery Co. LLC amended its $350 million term loan credit agreement on June 19 with Wells Fargo Bank, NA as administrative agent, extending the maturity date to June 30, 2021, according to an 8-K filing with the Securities and Exchange Commission.

Oncor may borrow up to the full amount available under the term loan credit facility in up to four borrowings during the funding availability period, which was also extended to any time in the period beginning on April 1 and ending on the earliest to occur of the date on which the term loans are funded in full and no commitments remain unused, the fourth funding date and 5 p.m. ET on Aug. 7.

The amendment also revised interest to Libor plus 95 basis points.

On Thursday, Oncor submitted an irrevocable notice to borrow $15 million, which is the first borrowing under the term loan agreement and is expected to be funded on Tuesday.

Oncor is an electric utility based in Dallas.

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