Oncor Electric inks $500 million revolver with $500 million accordion

Chicago, Feb. 21 – Oncor Electric Delivery Co. LLC signed for a new $500 million revolver on Feb. 21, according to an 8-K filing with the Securities and Exchange Commission.

There is the possibility of $500 million of expansion through the accordion feature, in $100 million increases.

The three-year term, with a maturity on Feb. 21, 2027, may be extended twice in one-year increments.

Interest will be at SOFR plus 10 basis points CSA and then a margin between 87.5 bps to 150 bps.

The commitment fee will be between 7.5 bps and 62.5 bps, based on the daily average of unused commitments.

Covenants include customary restriction on additional liens, mergers and consolidations, sales of substantial assets and acquisitions and investments in subsidiaries. Oncor must maintain a maximum consolidated senior debt to consolidated total capitalization ratio of 0.65x.

Wells Fargo Bank, NA is the administrative agent.

Wells Fargo Securities, LLC and CoBank, ACB are the joint lead arrangers and joint bookrunners.

CoBank is the syndication agent.

State Bank of India is the documentation agent.

Proceeds are for working capital and other general corporate purposes.

The electric company is based in Dallas.

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