Oncor Electric draws full $650 million under one-year term loan

By Marisa Wong

Los Angeles, Aug. 31 – Oncor Electric Delivery Co. LLC borrowed on Aug. 29 the entire $650 million available under its term loan agreement entered into on July 6, according to an 8-K filing with the Securities and Exchange Commission.

The term loan matures on Aug. 30, 2023.

Loans bear interest at adjusted term SOFR (one-month term SOFR plus an adjustment of 10 basis points) or adjusted daily simple SOFR (daily simple SOFR plus 10 bps) plus an applicable margin of 60 bps.

Oncor intends to use the proceeds from the borrowing for general corporate purposes, including to pay in full its $482 million outstanding 7% debentures due Sept. 1, 2022 plus accrued interest.

Sumitomo Mitsui Banking Corp. is the administrative agent and also the bookrunner, a lender and a joint lead arranger.

PNC Capital Markets LLC and U.S. Bank NA are joint lead arrangers alongside Sumitomo, as previously reported.

The electric company is based in Dallas.

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