Oncor Electric increases facility borrowing capacity to $2.4 billion

By Toni Weeks

San Diego, May 15 - Oncor Electric Delivery Co. LLC entered into a joinder agreement on Tuesday with JPMorgan Chase Bank, NA as administrative agent, swingline lender and fronting bank that allows the company to request an increase in the commitment under its existing credit agreement of up to a total of $500 million. A minimum increase of $100 million may be requested individually.

According to an 8-K filing with the Securities and Exchange Commission, the joinder agreement increases Oncor's aggregate borrowing capacity under its Oct. 11, 2011 credit agreement to $2.4 billion from $2 billion.

Barclays Bank plc, Bank of America, NA, Citibank, NA and the Royal Bank of Scotland plc are additional fronting banks for the joinder agreement as well as for the existing credit agreement.

Oncor also announced that it intends to redeem some or all of its $523,722,000 of 5.95% senior secured notes due 2013 at par plus a make-whole amount equal to the sum of the present values of the remaining scheduled payments of principal and interest, discounted at the redemption date on a semiannual basis at the applicable U.S. Treasury rate plus 0.5%.

The electric company is based in Dallas.

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