Oncor Electric amends $2 billion revolver at Libor plus 112.5 bps

By Aleesia Forni

Columbus, Ohio, Oct. 11 - Oncor Electric Delivery Co. LLC entered into an amended and restated $2 billion secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Pricing on the revolver ranges from Libor plus 100 basis points to 175 bps, based on the company's debt rating.

Initially, the facility will bear interest at Libor plus 112.5 bps.

Commitment fees range from 10 bps to 27.5 bps with an initial rate of 12.5 bps.

The facility contains an accordion feature, allowing Oncor Electric to increase commitments by $500 million.

The revolver expires in 2016, and the company has the option to request two additional one-year extensions.

Oncor Electric must maintain a consolidated senior debt to capitalization ratio of no more than 0.65 to 1.00.

Barclays Capital, RBS Securities Inc., Citigroup Global Markets Inc., Credit Suisse AG, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. are the joint lead arrangers.

JPMorgan Chase Bank NA is administration, fronting bank and swingline lender, while Barclays Bank plc, the Royal Bank of Scotland plc, Bank of America NA and Citibank NA are fronting banks.

Barclays Capital and the Royal Bank of Scotland are syndication agents, and Bank of America, Citibank, Credit Suisse and Morgan Stanley Senior Funding are documentation agents.

Oncor Electric is a Dallas-based company engaged in the transmission and distribution of electricity.

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