Oncor Electric Delivery enters $450 million term loan due June 2021

By Wendy Van Sickle

Columbus, Ohio, Jan. 30 – Oncor Electric Delivery Co. LLC entered into a $450 million term loan credit agreement on Tuesday with Sumitomo Mitsui Banking Corp. as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Sumitomo and Mizuho Bank, Ltd. are the lead arrangers and bookrunners.

Oncor may borrow the full amount in up to four drawings at any time before April 27.

The term loan matures on June 1, 2021.

Loans bear interest at Libor plus 50 basis points.

The loan requires that Oncor maintain a consolidated senior debt to capitalization ratio of no greater than 0.65 to 1.00.

Proceeds may be used for working capital and general corporate purposes.

Oncor is an electric utility based in Dallas.

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